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Deductions & credits
For you, the cost basis is the value of the home at the date of your mother's death.
Keep in mind if the home was worth more than $100,000 US equivalent, that you also need to report this inheritance on Form 3520. This form is not included in TurboTax but you can learn more about it here: Form 3520: Reporting Gifts and Inheritances from Foreign Countries.
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March 30, 2025
3:48 PM