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lmbice
New Member

What is the cost basis of an inherited home sold after a right of residency ends? Is it value at time of owners death or when the right of residency ends?

The house was inherited from father 17 years ago, but stepmother was allowed to live there as long as the wanted.  She vacated and we sold the house.  What is the time frame of the cost basis determination?

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1 Reply
MinhT
Expert Alumni

What is the cost basis of an inherited home sold after a right of residency ends? Is it value at time of owners death or when the right of residency ends?

As you inherited the house and owned the house when you inherited it, the stepped-up cost basis is as of the date of death of your father.

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