@MaryK4
The tax concern is only for US and it will be a simple capital gains calculation on inheritance for
an individual.
Original building was torn down, new apartments constructed, builder sold his allotment after completion
which was > 10 years ago,
my father sold his apartment in 2022 and his brother still owns his own.
Seems cost basis will be FMV at time of inheritance plus a capital improvement. Should the capital
improvement (which was paid for in sweat equity as you stated) be the difference in FMV at the time the improvement
was completed and the original FMV at time of inheritance?
In that case, the final cost basis would, essentially, be the FMV of the apartment at the time of construction.
Or some other method to value the improvement that I am not understanding?
This is the unknown as the sale proceeds and deductions should be straightforward since the apartment
was left vacant at all times.
Do you do tax prep through the portal and is there any way to request you if they prepare and file through TurboTax? Besides this it is a straightforward return.
Thanks again.
