Deductions & credits

Whether you have a gain (for federal income tax purposes) will depend upon whether your selling price (less selling expenses) is greater than your basis in the house.

 

For gifts, your basis for figuring a gain is the same as your husband's parent's adjusted basis, plus or minus any required adjustments to basis while you held the property.

 

See https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/prope...

View solution in original post