singh
Level 7
11-28-2022
06:10 PM
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My client sold a piece of land he inherited from his father.
The dad passed away in 2016 and the mom added her son's name on the deed in 2017. The son sold it in 2022.
He will file 'married file joint' tax.
He received 1099S and he received $460,000 as his share and his mom received $1000,000.
What are the tax consequences for this sale?
Any help please.
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