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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
using the father's cost basis would result in a gain.
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IRonMaN
Level 15

Yes.


Slava Ukraini!

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3 Comments 3
IRonMaN
Level 15

Yes.


Slava Ukraini!
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gennarostella
Level 3
Thanks!  thats what I thought.
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IRonMaN
Level 15
You betcha!

Slava Ukraini!
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