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Get your taxes done using TurboTax
Your basis is the fair market value on the date of your father's death, plus the cost of any improvements that you and your sisters made after his death. The assessment is not a reliable indicator of fair market value. Get a written appraisal, retroactive to the date of death, from a licensed professional appraiser.
The selling price has no effect on your basis.
‎December 13, 2024
9:27 AM