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State tax filing
Yes. You will need to file a non resident return for IL to report this sale as this would be IL sourced income.
You likely do have a basis in this property even though it was a gift from your father. Although you cannot take a loss on the gift, you can decrease your gain. You will use your fathers adjusted basis or the FMV at the time he gifted you the property to determine your gain or loss on the sale.
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March 16, 2024
5:54 AM