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?
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.
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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