See my math below.
- Your mom's basis is what it is for the sale to you.
- I am not sure if you paid $153,000 and the gift got you the lower mortgage of $120k.
- It does not make sense for the gift to go from $170k to $150k.
- Did something else happen?
Without the gift, you would not have gotten the mortgage, financing and house is what it sounds like to me. This gives you a basis of $153,000.
@btkean92
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