ThomasM125
Expert Alumni

Deductions & credits

You can do some research to get an estimate of the price your relative paid. For instance, if you know that they purchased it new and you know how old the home is, you may be able to estimate how much that home cost. Often, a mobile home will loose value soon after it is purchased, so if you can establish that that is the case with your home, then you don't need to report the sale if you are sure it was sold for less than what your relative paid for it.

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