Hello! My mother in law gifted my husband a rental property this past year. He then sold it 6 weeks later. Her tax attorney reported this on Form 4797, Part l.
I am confused as to what basis I should use to report this on our taxes. Would I use her adjusted basis on Form 4797, Part l, column f? Or gross selling price in column a? She did receive a loss on this.
As far as I know I don't think a gift tax form was used. I am so confused trying to figure the basis in this property.
