@jtax Another amazing answer! 🙂 Thank you so much! This is confusing to me as well, and sorry if I didn't explain as clearly as I should have, but it's quite convoluted, as the lawyer who helped him with his will, couldn't have chosen a more complicated process! When my dad died, my mom inherited 50% and us 4 kids got 12.5% each of several properties/possessions he left to us all. If understand that correctly, what this (different than my dad's) Italian lawyer will do some sort of "redistribution of those quotes" as follows: My mom will give me her full 50% of the apartment as a gift and my 3 siblings will each renounce their 12.5%, so that I will end up owning 100% of the apartment. In turn I will renounce my 12.5% on all other properties that will be gifted by my mom to my siblings, so that each of us 4 will get full ownership of 1 property. So in the end I will have full ownership of the apartment (but nothing else that I had originally inherited from my father anymore). My sister will then buy the apartment from me, and I will sell it to her at fair market value without realtors involved. And she will have to pay me for 100% of it, because she will have given up her previously owned 12.5% in the "redistribution" process. As you suggested for an older property that might not have a lot of value, my lower income, and because of the lack of documentation, I might end up using a basis of 0, as I don't expect to have to pay much in capital gains anyway. You have been beyond helpful, and I truly appreciate it!
