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Investors & landlords
Sounds like your parents had a life estate and gave your sister the remainder. That means your sister's basis is the FMV on the date your father died in 2017 and she gave you half the house. She has to file a gift tax return but no tax will be due and you get half her basis in the house. Your sister and you each have a basis of $82.5k.
‎April 1, 2023
5:37 PM