In 2012, my wife and her sisters were added to their mother's deed via quitclaim. All parties are still living. No one except their mother has lived in the house in the past two years. The house was sold last year and we received 1099-s.
From what I'm reading, the original valuation of the house cannot be stepped up since their mother was still on the deed. I'm looking to confirm that, and my other part of the question is, how do you go about determining the original valuation to determine our part of the gain? The house was acquired by their mother via quitclaim or inheritance, I'm not sure which. If it were inheritance, I'm guessing the valuation would be at the time of inheritance, but if it that were done by quitclaim, I'm assuming the same rules would apply, the original valuation of the house....but how is that determined? The house is over 60 years old! Are county tax records reliable?
