AmyC
Expert Alumni

Investors & landlords

I agree with tagteam that it appears that you have a gift in the purchase, 1/3 of the purchase price, $10,833.33.

 

I am assuming JTROS since nobody else comes into play when someone passes. This means, when owner #2 passed in 2016, you and owner #1 split the value on inherited date. For example, if the property was worth $39,000 then you and owner #1 would each increase your basis by a third, $13,000.

 

In 2021, owner #1 passes, you inherit the rest of the property at the value on that date. For example, if the property was worth $44,000, then you would inherit 50% of the value, $22,000.

 

Check into the values and get the correct numbers for date of death for the other owners.

 

If others inherited, that changes the rules. 

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