My parents signed their house over to me in l996 with the stipulation that they could live there as long as they were alive. Both of them have since passed away and I am now faced with having to sell their home which is in New York state. My question is: When figuring out what the taxes are owed after the sale of the house, what would the cost basis of it be. Would I owe taxes on the entire sale price or would I subtract the original purchase price minus all improvements made over the years that my parents lived in the house. ===============Cost basis to you would be parent's original cost basis plus value of improvements made over the yearspete
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