In the scenario being discussed on February 7th, a parent's home was inherited by the children. The cost basis is determined on the date of death (either the father or the wife depending on the estate records). This means that whatever the cost basis is would be used against the selling price and any gain would be taxable income. The holding period for all inherited property is long term which provides the most favorable capital gains tax treatment,
Example of property received through inheritance: If a beneficiary inherited a home and sold it close in time then the gain or loss would be minimal because it's likely the value on the date of death would be very close if not exactly the same as the selling price.
Please update if you need additional assistance.
@Shufee
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