Q. i was thinking i would pay capital gains from the FMV of my 3 acres when i got it in 2015 and the sale price in 2022. (?)
A. That's how it works if you had inherited the property in 2019. The cost basis in inherited property is the FMV on the date of death. But since you have a combination of purchase & gift, not inheritance, your basis is different. The cost basis of a gift is the giver's cost basis. There is an exception, for the home, if the decedent retained a life estate. But since you only got vacant land, that is unlikely to be applicable. Your attorney would know.
Q. 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.
A. I doubt that he's using that as basis, but only as a starting point for calculating the basis. One common method is to use the current property tax assessment break down percentage between land & building and apply those percentages to the older cost / value.
