- Jurisdiction
- Louisiana
My mother passed away in her home in Louisiana in 2015. According to the will my sister and I are to split the inheritance. However, my sister was granted the right to stay in our mothers house after she passed under a usufruct clause in the will. She has been living in the house for the past 7 years. During that time selling the house was prohibited according to the will. My sister is now moving out. We will be putting the house up for sale and split the proceeds. My question is when is my cost basis effective date regarding capital gains, 2015 or when my sister moves out? Since I was prohibited from taking joint possession in 2015 to sell the property then wouldn't my cost basis be established on the date my sister moves out? For all intents and purposes, from my perspective, it's no different than if my mother had still been living in the house preventing me from taking possession of my portion of the property. So am I correct to establish the cost basis at the time my sister moves out at which time I will take possession of my portion of the property?