The cost basis of a gift is the cost basis of the original giver.
The giver's cost basis started out as the 1960 purchase price, but it may have been increased by the value of permanent improvements (if you know their cost) as well as by the death of a spouse (if the home was jointly owned and one owner died). The basis may have been decreased if the home was ever used as a rental, or as a home office or other business, or there was a casualty loss deduction on the property.
More details are needed.
