Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
Level 2

Home sell abroad

After my dad passed away in 2011, the ownership of our home in India, which was built in 1980, was transferred to my mom. In January 2015, my mom added me and my brother to the title. (It was implicit that both of us would inherit our home some day.) Now there are three legal owners with equal claim to the property. We sold the property in June 2019 and proceeds were equally distributed among the three of us. My brother and I had left India in early 1990s and are US citizens. We continue to work in the US. My mom is not a US citizen. We did pay taxes in India after the transaction. Now, what is the cost basis of our home for me and my brother, price of the home in 1980 or in 2015, when we became legal owners?

2 Replies
Expert Alumni

Home sell abroad

Normally, the cost basis would be the fair market value when you became owners, unless that was less than your mother's cost basis, in which case it would be her cost basis.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 2

Home sell abroad



Dynamic AdsDynamic Ads
Privacy Settings