My Mom passed in September 2021. She had lived in an apartment in Florida that she had purchased in 1998. As per her will, I inherited this property. I sold her apartment for 150k in April 2022. So, about seven months after she passed. I have a primary residence in NY.
I am requesting some clarification regarding reporting capital gains on this property . Are capital gains derived based on the original 1998 purchase price - there were no improvements on her apartment since that time? Or, are capital gains derived based on the value of the property at the time I inherited the property in September 2021.
I read something recently that a stepped up basis process should be used. If stepped up basis should be used - what is a way I can determine the cost basis of the apartment as of the date my Mom passed.
Thank you for any guidance on this and I admit maybe there are some elements of this that I need to still provide to help frame an answer to this. I'm not seeking legal advice - just the best way to report the sale of this inherited property.
