MarilynG1:
Thanks for your response.
I did not inherit the land - she sold/gifted 3 acres to me in 2015. (Each of us kids got 3 acres each throughout the years) - i just chose not to build my primary home on the land so i sold it. I was never on mom and dads deed. But received a deed for my 3 acres in 2015.
Mom passed away in 2019 - her house and her remaining 3 acres are still on the market and is in her estate.
im confused why our attorney is using the cost basis for the entire 15 acres including her home...and why it matters what the entire property was worth when dad died in 1983 etc. i only recieved the three acres in 2015.
i was thinking i would pay captial gains from the FMV of my 3 acres when i got it in 2015 and the sale price in 2022. (?)
Thanks again for helping me understand.
