Sounds like your sister gave you and your spouse a gift of 1/3 each of a house purchased for $500,000 and she should have filed a gift tax return for that year ...
But your last statement seems to contradict this by saying the new basis is the basis of the new property reduced by the gain. Back to square one.OK, but nope. ...
I assumed they already had a lawyer since the property went through probate. They should probably contact that lawyer if they want to avoid filing the 709 and u...
Another way to put it is, the basis of the replacement property is the adjusted basis of the relinquished property and if you invest additional cash in the exch...
You would have that "extra asset" to depreciate IF you paid MORE for the replacement property than the FMV of the relinquished property. As it is, your basis fo...
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