Again, thank you so much for your detailed answer. I do appreciate that!
I have found the purchase date and price of the house but records going back to 1978 have not been digitized. So I don't know the value of the land versus the house. But on the 2021 tax assessment the land value is 1/3 of the total assessed value of the property. So would you think that I could then take 1/3 of the purchase price and say that was the value of the land?? Or should the value of the land be less back in 1978.
Thank you also for the information about the stepped up basis for Daddy's half of the house. I will use that and add it to Mama's 1/2 of the purchase price. I do know of some improvements they made in the last decade but I don't have receipts, records, etc. going back to 1978. What should I do?
Thanks again for your help. I'm going to try and tackle it again tomorrow.
