Ok, thanks for the answer, that helps but I have additional questions.
The condo is 40 years old, but I've only owned it for just under 3 years and since it was deeded to me there was no purchase price. I know from my income level that I'm in the 15% capital gains tax bracket. How then are the taxes determined, does it go back to the original purchase price 40 years ago or is it based on what the condo was approximately worth when I took possession of it in February of 2022?
Also, I know that the cost basis or capital improvements helps to offset the capital gains tax, if I don't have accurate records or all the records from those improvements, can those be approximated?
Thanks,
Sal S.
