buying a house tax return

The concept of paying for something on the installment plan is familiar to everybody. Instead of paying the entire cost of an item up front, you pay a little over time, over several months or years.

If you received a Schedule A (Form 8971) statement from an executor of an estate or other person required to file an estate tax return after July 2015, you may be required to report a basis consistent with the estate tax value of the property. If an estate tax return wasn’t filed, your basis is the appraised value of the home at the decedent’s.