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Two siblings own a house...that was quitclaimed to them by father. sibling 1 was bought out by sibling2...does sibling 1 report a capital gain?
gennarostella
Level 3
12-07-2019
03:02 AM
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using the father's cost basis would result in a gain.
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IRonMaN
Level 15
12-07-2019
03:02 AM
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Yes.
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gennarostella
Level 3
12-07-2019
03:02 AM
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Thanks! thats what I thought.
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IRonMaN
Level 15
12-07-2019
03:02 AM
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You betcha!
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