first, can you comment on who owned the home originally and who inherited what percentage? that is going to impact the 'cost basis' because once inherited, the cost basis 'steps up'. And because expressions can be used in correctly, 'by 'inherited' that means to me someone passed away and beneficiaries of that estate inherited the property
Who passed away and who inherited the property? what percent of the property did the person who passed away own and what were the percentage interests that each beneficiaries inherited .
I can't tell if your wife and BIL inherited this property from their parents or the BIL passed and your wife inherited it, etc. Let's clear that up first.
