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Old 01-15-2011, 11:01 AM
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Sale of parental home

About 7 years ago my father-in-law signed his house over to my wife with him retaining lifetime use. About 2 years ago he decided he was unable to maintain the home and gave my wife full ownership rescinding his lifetime use. It took over a year to sell the home. How does she determine a cost basis to use for determination of capital gains, and how does she claim the gains?



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