Using 1985 tax assessment records property valued at 23,330. After pulling old deed I have discovered my name was added 1 year later than I thought. During this year my mom made major upgrades to the home (kitchen, bathroom and rewiring) Ball park number $5,000 (no receipts) just based on mother's memory and what I remembered was done to home as I was living there. Since there are no receipts from 30+ years ago does the IRS allow any kind of allowance for this?
For turbo tax entries:
My half of cost proceeds (1099S) = 62,500.
Cost or other basis: 23,330 (1985 property value) + 5,000 home renovations (= 28,330) prior to being gifted to me. Can I take all this amount or only 1/2 (14,165)?
I know I can only take 1/2 of commission and fees on the less common adjustments page when property sold.
