@Sunrain001 wrote:
What if the property was gifted ( not inherited) by someone still living? Split 3 ways for 3 siblings. Gifted and sold within 8 months. How do I evaluate fmv?
In this instance, you typically have a carryover basis (i.e., you take the basis of the person who gave you the property, the donor).
However, refer to the following link in the event the fair market value of the property at the time the donor made the gift is less than the donor's adjusted basis.
https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/prope...
