preparer227
Level 1
02-28-2021
06:15 PM
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Taxpayer and 4 other siblings inherited a house with FVM 62000 in 2016 and was put in estate. In 2016 taxpayer paid estate 20000 for house. They did major improvements and sold house for 79900 in 2020. My mind can’t take this. Does this sound right
house FMV at time of death. 62000. Their was 5 heirs named in the estate.
Basis for each heir 12400.
taxpayer then paid 20000 to estate
Taxpayers basis $32400. .?????????