- How do I file the sale of a personal use property which was transferred to me 6 yrs ago from my parents in Florida? I am using the Deluxe edition.
- Originally purchased in 2/2008 for $165,000 (they spent about $10,000 in renovations), they Quit Claim to me in 6/2016 and sold in 1/2022 for $185,000. Is my basis is $175,000?
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1. It sounds like you are describing a house.
2. Basis would be $175,000 unless it was depreciated.
Reference: Is the money I made from a home sale taxable?
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