topic Selling a deeded home in Get your taxes done using TurboTax

Selling a deeded home

16SOSnav — Tue, 24 Feb 2026 07:26:54 GMT

My mom deeded her house to me 7 years ago. She just passed away in 2023. The home was built in 1971.

I just sold it. DO I use the base price in 1971 or the market value of the house in 2016?

Re: Selling a deeded home

Bsch4477 — Fri, 08 Sep 2023 02:53:19 GMT

Your cost basis is what her basis was when she deeded it to you which is her original cost plus any capital improvements.

Re: Selling a deeded home

16SOSnav — Fri, 08 Sep 2023 02:56:28 GMT

That's what I thought. Thanks for info.

Re: Selling a deeded home

Anonymous_ — Fri, 08 Sep 2023 02:57:34 GMT

I'm sorry for your loss.

Did your mother live in the home until she passed? If so, you may have a case for an implied life estate. In that event, your basis would be the fair market value on the date of your mother's passing.

See https://www.law.cornell.edu/cfr/text/26/20.2036-1

You might want to provide details on the circumstances of the transfer from your mother to you, but you should absolutely seek advice from local legal or tax counsel.