Mom gifted me property that she inherited what is my cost basis?
The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do I owe any capital gains since it was a gift and is less than 14000 gift exemption for me and 14000 for my wife which would make a 28000 total gift exemption?
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