Q: Mom, recently deceased, filed a Quit Claim Deed on FL house in 2007 Is my cost basis the 2007 date, or date she passed
My name is listed on the property taxes, so do I need to do something to get her name off the taxes and/or deed? Am I required to do anything further at this point? She had no debts.
A: She conveyed it to you with the QCD? Your basis would be the 2007 value.
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A:
If you got title in 2007, that date is your basis and her subsequent passing is irrelevant.
If she got title in 2007 and she died owning the property, the stepped up basis is her date of death (or allowed period per IRS regulations).
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