just an update on what I mentioned before.
My mother purchased the property in 2005 for 13,500 GBP.
She transferred the property to my name in 2016.
I had legal costs involved in 2016 for that so I assume I can deduct that legal cost at time of sale?
She passed away in NOV 2022, so that is when I had the right to take possession and sell it.
I had it valued in DEC 2022, and it was 52,000 GBP.
It was finally sold in JULY 2023 for 52,000 GBP (minus legal and sales expenses).
If I understand what you're saying, the gift date would not be 2016, but would be considered as NOV 2022 when I took control. And so the donors (my mothers) FMV of completed gift date would be 52,000.
maybe I misunderstand.
