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Home Cost basis for home built with cash and no records
I am doing my (widowed) mother's taxes. In 2021, I sold her home while she is in memory care of assisted living facility. Over 30 years ago, my parents bought land and built a home with cash and there are no records for me to determine the initial cost basis. I put all proceeds in her bank account. Will she be taxed on the entire amount of those proceeds? Or how do I determine a cost basis?
March 14, 2022
11:08 AM