Mom inherited property in 1987 and owns 50%. Purchased originally in early 1950's for $8,000. Owner occupied by her father until 1960, when it was turned into a rental. Sold in January 2022 for $950,000. Her half of proceeds $431,434. Files as qualified widow; 2021 adjusted gross income $42,688 with $92,272 deductions for medical care. CA taxes withheld for escrow prorata $31,635, for which she can claim 50%. Is she responsible for all depreciation of the house that she inherited in 1987? How do I determine adjusted basis from that long ago, etc.
What should I submit for her estimated taxes quarterly for 2022? Thank you!
