Thanks so much for the condolences and the detailed response. Your assumption was correct, we were joint tenants with my mother retaining the life estate. I understand your explanation of the adjusted basis and how to come up with the Gain (Net Sale – Adjusted Basis = Gain). I just want to clarify where that figure goes. Is it in the field “Net Proceeds” in screenshot 4? Also, for the “Fair market value of the property on date deceased passed away.” Right now I have the 385k number in that field which is what the appraised value of the property (and sale price) was when she passed. Is that correct? I just wanted to make sure I didn’t need to manipulate that number to account for the 1/3 portion I am concerned with.
Thanks!
