taxes96786
Level 9
04-04-2023
10:54 PM
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IMO... if kids were placed on the deed 20 years ago then they are each 1/4 owner. Each has a basis of 1/4 FMV at time of transfer. 1099s needs to be reported and sales amount allocated by percentage to each.
That only mom reported Sch E over the years is not relevent.