The cost basis of this gift is the original cost basis of the donor, i.e. the price your father-in-law paid for the property. If you do not know it, you have to make an educated guess.
If the sale is for less than the cost basis, then you made a loss on personal property and the loss is not deductible.
If the sale is for more than the cost basis, you have to report the sale as the sale of a second home and pay long term capital gain tax on the profit from the sale.
Please read this TurboTax Help topic on how to report that sale.
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