My father gave( QUIT DEED) me and 3 others his house in February just before he passed. It was sold in September for 700,000 from which I got a 1099-S for 176,000.
1> Can I include as a cost basis 25% of the original purchase price from 1992 (200,000) that my dad paid?
2> Can I cost basis home improvements done by my dad on the property before he transferred it?
3> Do I need to prepay some federal taxes since it's such a big 1099? If so, how much?
