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The starting point for your basis calculation is the property's FMV on your father's date of death. Then add the cost of capital improvements you and your sister made after inheriting the house. Please see IRS Pub 523 for a list of improvements that you can add to your basis. https://www.irs.gov/pub/irs-pdf/p523.pdf
The starting point for your basis calculation is the property's FMV on your father's date of death. Then add the cost of capital improvements you and your sister made after inheriting the house. Please see IRS Pub 523 for a list of improvements that you can add to your basis. https://www.irs.gov/pub/irs-pdf/p523.pdf
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