cost basis

[sligg]

What is the name of your state? New York (new york city)

How do I figure the cost basis if I want to sell my house?

1. Purchased by my parents in 1942 for $7250.

2. Transferred to me and my sister from my parents in 1978.

3. Transferred to me from my sister in 1999. (fair market value $370000)

house has been in family for 61 years. a lot of money was put into house in 61 years but finding proof of renovations would be difficult since my parents are dead.

For example: in 1942 the heating system was a coal burning boiler with a coal bin in the unfinished cellar. The heating system was upgraded first to oil then to gas in the ensuing years.

 

[abezon]

The basis is $7250 + renovations. You'd have to dig through old newspapers to see what heaters were selling for when they upgraded the place. You might try building permits to see if a cost of renovation was listed, or look at second mortgages if the renovations were financed.