ColeenD3
Expert Alumni

Investors & landlords

If it was done at the time of death, then it is an inheritance and your basis is her Fair Market Value of the property at the time of death. If you were deeded the property before she died, then it is a gift, and your basis is the lower of the basis or the FMV. Since the property has probably appreciated, her basis (cost plus improvements) is your basis.

 

@JMV48

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