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Selling a deeded home

My mom deeded her house to me 7 years ago.  She just passed away in 2023.  The home was built in 1971.

I just sold it.  DO I use the base price in 1971 or the market value of the house in 2016?  

3 Replies

Selling a deeded home

Your cost basis is what her basis was when she deeded it to you which is her original cost plus any capital improvements. 

Selling a deeded home

That's what I thought.  Thanks for info.

Selling a deeded home

I'm sorry for your loss.


Did your mother live in the home until she passed? If so, you may have a case for an implied life estate. In that event, your basis would be the fair market value on the date of your mother's passing.


See https://www.law.cornell.edu/cfr/text/26/20.2036-1


You might want to provide details on the circumstances of the transfer from your mother to you, but you should absolutely seek advice from local legal or tax counsel.

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