I think I'm second guessing myself but I'd feel better if you confirmed how I came up with the basis for depreciation. House was owned jointly.
Mama's 1/2 of the purchase price of the house in 1978 - (minus) 1/2 of the value of the land in 1978 (which I figured at 1/3 of the total cost of the property) + 1/2 of the improvements over the years + 1/2 of the FMV on the date Daddy died.
Please confirm that!!!
I started to think maybe Mama's basis is just 1/2 of the FMV of the house on the date Daddy died minus 1/2 of the land value on the date he died. But that gives a lower figure for the basis and I think you want a higher basis for depreciation purposes.
Thanks again!!
