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Deductions & credits
Yes, you would be responsible for the gain. Although some of the money was paid to her, it doesn't change the fact that the house was yours and in your name. You are allowed to use the entire amount that your mother paid for the house as your cost basis. This reduces your gain substantially. You are not required to use only the $1 that was paid at the time of transfer from her to you.
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‎February 24, 2025
5:35 AM