When my parents built a house in 1981 (their principal residence not mine) they included my name on the deed as 50% owner. Not a good idea in my opinion, but my father had his reasons. My father passed away in 1988. My mother passed away in 1999. I sold the house after my mother's death. What is my basis in the property? Is it 50% of the fair market value at the date of my mother's death? When my parents put my name on the deed, would that have been considered a gift giving me a basis based on the property's fair market value in 1981?
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