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?
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Your cost basis is what her basis was when she deeded it to you which is her original cost plus any capital improvements.
That's what I thought. Thanks for info.
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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