Determining Cost Basis for Sale of Primary Residence Interesting situation here. Parents bought a SFR in 1976 for $100,000 joint tenancy primary residence. Father passed away in 1998 (MV estimate $225,000). Mother transferred home asset into her name via quitclaim deed in 2003 (MV estimate $314,000). Home transferred into a revocable trust in 2011 (est. MV $400,000). Home sold in 2016 for $340,000 (she moved into a new primary residence in 2015).
Ownership trail is a bit quirky and I am not sure how all of this factors into the final cost basis of the home. Any assistance is tremendously appreciated. |