We were gifted a home that our parents owned and we lived in. They gifted it to us, so we could sell it. What do I need to in Adjusted Cost Basis? When it was gifted $0

jones223ss · ‎February 3, 2020

MinhT1 · ‎February 3, 2020

AS the home was gifted to you, your cost basis is the cost basis of the donor. You'll have to ask your parents for their cost basis, i.e. what they originally paid for the house plus any improvements they paid.

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MinhT1 · ‎February 3, 2020

AS the home was gifted to you, your cost basis is the cost basis of the donor. You'll have to ask your parents for their cost basis, i.e. what they originally paid for the house plus any improvements they paid.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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We were gifted a home that our parents owned and we lived in. They gifted it to us, so we could sell it. What do I need to in Adjusted Cost Basis? When it was gifted $0