How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54848
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

In 2010 I sold a house that I jointly owned with my mother

Customer Question

In 2010 I sold a house that I jointly owned with my mother since 1985. The house was purchased by mother using her money. She lived in it until her death in 2010 and paid for keeping up the house. I never lived in the house. The only reason my name was listed as joint owner was for estate purposes. How do I report the purchse cost of the house? Do I use the purchase price of the house in 1985 or try to figure a cost basis base when I became the sole owner?

Thank you
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. If you jointly owned the house with your mother until her death in 2010 at which time you became the sold owner, your basis would be as follows: i) 1/2 of the purchase price (which represents the 1/2 you owned prior to your mother's death) PLUS ii) 1/2 of the fair market value of the house at the time of the death (which represents the 1/2 you acquired as the result of your mother's death, the basis of which is stepped up to fair market value at death).



I hope this has given you the guidance you were seeking. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.


Related Tax Questions