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Get your taxes done using TurboTax
I have a slightly different scenario. My mom bought a house in 1991 for $30,000. In 2003 she did a warranty deed to me with a life estate. In 2020 a quitclaim deed was done which terminated the life estate leaving me as the sole owner and the house was sold for $150,000. (my mom is still alive, she just moved out of the house)
What is my basis? The original purchase price, the value at the 2003 transfer, or the value at the 2020 transfer?
How do I report this in premier? The investments section asks for box info from a 1099-B which there isn't one for the sale of the house.
Thanks in advance.
March 13, 2021
3:42 PM