MaryK4, thank you very much for the quick answer.
I was confused by IRS docs(and web info) seeing some instances of reporting every year.
I have another question related to the same sale but, perhaps, that should be a separate post(do tell
if so).
The property inherited by my father and his brother was torn down and rebuilt into a few apartments.
My father(and his brother) did not actually pay for this but the builder was given some equity(# of apartments) as payment.
The value of my father's share increased(even though equity of entire property was lower, new apartment worth
more than half of original inherited property) and so
this seems to be a capital improvement.
How should this be handled when reporting the cost basis?
Use original value only or if adding a capital improvement how to value that? FMV difference at the time(years
after inheritance) from original value? Or FMV of performing the rebuild? Or ...
Again, thank you for answering my original question.
