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CraigL
New Member

Father-in-law quit claimed house to his daughter in 2016 for $10,after remodeling we sold house in 2018, what is her basis in house? He is still alive and lives with us.

can we include cost of materials, labor by professionals, and our mileage as the house is 60 miles away from primary residence to determine her new basis in house?

This feature is pending. Thanks for your patience.
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DDollar
Expert Alumni

Father-in-law quit claimed house to his daughter in 2016 for $10,after remodeling we sold house in 2018, what is her basis in house? He is still alive and lives with us.

By transferring ownership of the house via quit claim for only $10, he effectively gifted the house to his daughter.  Therefore, the basis in the house is your father-in-law's basis (what he paid plus any improvements) plus the cost of any improvements you made (e.g. the remodeling).  You can find what your father-in-law paid for the house from your County Tax Assessors office - it's public record. 

As for the remodeling yes you can include materials, labor by others, and your mileage.  Pretty much anything you paid out of pocket to improve the property.

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DDollar
Expert Alumni

Father-in-law quit claimed house to his daughter in 2016 for $10,after remodeling we sold house in 2018, what is her basis in house? He is still alive and lives with us.

By transferring ownership of the house via quit claim for only $10, he effectively gifted the house to his daughter.  Therefore, the basis in the house is your father-in-law's basis (what he paid plus any improvements) plus the cost of any improvements you made (e.g. the remodeling).  You can find what your father-in-law paid for the house from your County Tax Assessors office - it's public record. 

As for the remodeling yes you can include materials, labor by others, and your mileage.  Pretty much anything you paid out of pocket to improve the property.

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