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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
