cost basis per child

[bilmarmur]

Selling moms home. She signed it over to the four kids, (me included) in 2018. She is still living. How do I figure the cost basis to determmine the captital gains to enter on line 7 of form 1040.

[PaulaM]

Your cost basis of your living mom's home is the same as her adjusted cost basis (carryover basis) for your proportionate share. Her adjusted cost basis is generally the purchase price of home + any improvements over the years. 

Record the sale in the investment section under the 'second home' category.