Posted on: 23rd Feb, 2010 10:40 am
My husbands mom Remarried and moved to Florida, The guy she married already owned the own house. They were married for 6 years and then he died (1985). She was left the house. In 2004, she put my husbands name on the Deed as joint tenants with the right of survivorship. He lives in another state and never lived in this house. In 2006, she died and the will stated everything was go to to my husband. No probate. We made trips to Florida to clean out house and prepare to sale. The house sold in 2009.
In 2006, An appraiser did 2 appraisal for us. One for 2004 and 2006.
We have been told we need the "the basis" of the house from 1985. We have no records on this house. Or do we use the appraisal that was done for 2006.
In 2006, An appraiser did 2 appraisal for us. One for 2004 and 2006.
We have been told we need the "the basis" of the house from 1985. We have no records on this house. Or do we use the appraisal that was done for 2006.
Hi Terri!
Welcome to forums!
As far as I can understand, the basis of the house will be considered as 1985. The reason may be that property was not sold to you but it was just transferred to you. Thus, while calculating the capital gains tax, the cost basis will depend upon the property value of 1985.
Sussane
Welcome to forums!
As far as I can understand, the basis of the house will be considered as 1985. The reason may be that property was not sold to you but it was just transferred to you. Thus, while calculating the capital gains tax, the cost basis will depend upon the property value of 1985.
Sussane