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Submitted By: someone
Answered: May 21, 2018 11:13 pm
Answered: May 21, 2018 11:13 pm
My parents gave me their home several years ago. They’ve both since died. What is my tax basis when I sell the home?
Because you acquired the home by a gift, your basis usually is the basis that your parents had in the home (what they paid for it, plus capital improvements they made over the years). It may be difficult to reconstruct this information, but their initial cost may be available (e.g., published on Zillow).
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Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
