@terimac4 wrote:
.......I am assuming the $350-65K is my cost basis....
Your cost basis is likely your parents' adjusted basis in the house at the time of the transfer (the greater of $65,000 or your parents' basis, the latter is most likely higher).
@terimac4 wrote:
Will I have any capital gain costs if I reinvest the majority of the gain into a more expensive house?...
The "reinvest rule" was eliminated in 1997 and essentially replaced with the two out of the last five year ownership and use rule (up to $500,000 exclusion).
