I understand my basis in the property is the FMV on the DOD
(and gains are all LT), but I've put over $50k of estate funds and some of my
own funds into this property to restore it to market condition since the DOD.
Can the FMV on DOD be adjusted by this amount for purposes of determining the
amount of the LT capital gain? Is there any benefit of selling the property
within the state (prior to estate closure) versus selling it after it is deeded
to me? I would like to get the court off my back and just have closed, but
don't want to endure any unintended tax consequences. I anticipate a gain in
the sale of the property as it was run down and unsaleable at the time of death
and the appraisal.
