Thank you for the response.
I don't know the answer to your first question, but let's assume it is tenants in common.
Using real numbers, the 2006 transaction (actually 2004) was recorded as $24,100, which would be 1/3rd of the then FMV. We each paid the third 50% of that amount at the time for his share. We must have arbitrarily estimated at the time that the FMV was $72,000?
We sold the home in 2020 for $74,000, divided equally between the two of us. From this, it seems like my cost basis is $12,050 (50% of the 2004 transaction) and my sale proceeds (in 2020) are $37,000 (less selling expenses, the net being a little less than $34K)?
I don't understand your comments about the carryover basis for my mother in 1994? I don't know how to determine the FMV for 1994? My memory says she bought the house in 1953 for $12,000.
And, I thought the gift is not taxable to me(us)?
Basically, I need to know where to start in TurboTax to report this transaction?
