My sister and I took ownership of a trailer in Myrtle Beach, SC. did you inherit the trailer either under your father's will or the laws of intestate succession in SC. if you owned it, you sold it and then made a gift to mom of the $70K
in this case, the sale needs to be reported on your tax returns. there shouldn't be much if any, gain/loss because if you were the heirs you got as tax basis Fair Market Value on date of death.
then because each of you made a $35,000 gift to mom you need to file a gift tax return. Form 709
https://www.irs.gov/pub/irs-pdf/f709.pdf
the sale gets report through the 1099-B worksheet for your1040's. for date acquired type "inherited". TurboTax does not do form 709
