Thanks for the help. The notorized forms we received are titled "Act of Donation" and "Act of Acceptance," so that's why I referred to it as an act of donation.
So just to make sure I understand correctly, based on this thread, as the recipient, my mom's taxes are unaffected and she doesn't need to show anything on her taxes, but I must file form 709 with my taxes as the donor and potentially pay some extra tax. However, turbotax doesn't have this form and I need to get it from the IRS.
I found this thread defining "cost basis" as essentially original cost plus changes in value during ownership. Is there a difference between "cost basis" and "adjusted cost basis?"
I never bought the ownership in the property, rather I inherited it. Based on what I'm seeing in different threads, I would expect my "original cost" in the cost basis calculation to be the fair market value at the date of inheritance. Is that correct?
Finally, I was planning to e-file with turbotax. How does e-filing work when there are forms such as form 709 that are unknown to turbotax? Also, must I file the 709 form or one like it with my state return as well?
