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Deductions & credits
We have no idea of the fair market value at the time of the inheritance. It wasn't until we sold it it at auction when we found out what it was worth.
Would it still be just considered an inheritance and just not report it?
We sold it through a 3rd party (auction house) and they are obligated by law to report sales over 600.00? Does that mean WE have to report it or just considered it an inheritance?
March 23, 2025
4:18 AM