Options:
- If you inherited money, great, enjoy. It does not go on your tax return.
- If you inherited the house, it goes on your tax return and the value on date of death is usually used for the basis.
- If your mom gave you the house in 2009 - was it a life estate?
- yes - step up basis to date of death value
- no - it was a gift and she retained interest by living there - you would still get FMV on date of death.
- usually a gift means the donors basis is used but only if you have control of the property. Since she stayed there, the picture changes.
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