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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?

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

Yes.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 15

Yes.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Thanks!  thats what I thought.
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Level 15
You betcha!
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
0 Cheers