You'll need to sign in or create an account to connect with an expert.
Only the half you inherited would be valued at FMV at the time of her death. The cost basis in the other half would be determined by when you became the joint owner.
If you were joint tenants with your mother from the time the house was purchased, then 1/2 of your cost basis would be 1/2 the original purchase price plus 1/2 the cost of any improvements done over time.
If your mother added you to the deed at some time after purchase, then your share was a gift and 1/2 your cost would be based on her original purchase price plus improvements
Only the half you inherited would be valued at FMV at the time of her death. The cost basis in the other half would be determined by when you became the joint owner.
If you were joint tenants with your mother from the time the house was purchased, then 1/2 of your cost basis would be 1/2 the original purchase price plus 1/2 the cost of any improvements done over time.
If your mother added you to the deed at some time after purchase, then your share was a gift and 1/2 your cost would be based on her original purchase price plus improvements
The capital gain on the sale of your primary home is not taxable (up to $250K, $500K married). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale. You do not even need to report it on your tax return, unless you got a tax document, usually a 1099-S. The 1099-S may have been included in your closing documents.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
gardnerb23
New Member
ESG S-Corp
Returning Member
dunealien97
New Member
goat08nj
New Member
alwr849427
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.