In 2019, and unknown to his children, my father in law fully executed a quit claim deed for $1 and named himself and his three children as tenants with rights of survivorship of the home in which he lived. He was divorced and his wife, the children's mother, had previously passed. We cannot find any evidence that gift tax forms were filed in 2019. My wife was named his personal representative.
All 3 children have received 1099 S forms.
For the basis calculation:
- start with the price he paid for the property?
- fair market value at the time of the quit claim deed (2019)?
- stepped up basis at time of his passing?
- stepped up basis at the time of the sale?
- the $1 named on the quit claim deed?
- other?
The quit claim deed was signed, witnessed and recorded.
