tax related to sale of my father's house (I was also on the Deed)

[199656_03646]

My father passed away April 29, 2022.  We did not sell his house until May 2023.  I was on the deed of the house with him.  

I have been advised that the only taxes owed would be on any appreciation of the house from the time of his death until the sale.  Is this true?  Again, I was on the Deed.  

Any information that you can provide would be helpful.

[Anonymous_]

Your particular scenario should be reviewed by a local tax and/or legal professional.

Depending upon the circumstances surrounding you being added to the deed (or otherwise on title), you may have an argument that your father retained a life estate with you being the remainderman. 

In the event, your basis would be the fair market value on the date your father passed away in 2022. 

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