In 2002, our parents deeded their home to my sister and myself, giving them life-time rights to the house. Our Mother died in 2012 and our Father died in 2016. They lived in an assisted living home from 2007 until their deaths. My sister and I sold the house in 2018 for $40,000. We were told by the county assessors office that the house was assessed in 2002 at $34,710. Do we use that amount as the cost basis OR do we use the market value of the house in 2016, the last year a parent was living? We just want to know the cost basis versus our proceeds from the sale of the house ($40,000 in 2018) to know what our capital gain liability will be.

November 29th, 2023

I have clients that did not pay for the work completed. Where do I write that off?

April 17th, 2023

If I receive a property from my parents as a gift and return it back to them in the same year, do I need to report both gift actions, or is it not considered as a gift action at all?

July 13th, 2024

Can our LLC pay for my and my wife's Part D insurance premiums if I receive Medicare and the LLC is treated as a disregarded entity?

January 7th, 2024

I went online to pay the taxes on my deceased grandmother's property located in Jackson County, and I found out that it was sold as a tax certificate for delinquent taxes. How do I get it back, as I was not employed at the time?

October 25th, 2023