My wife's cousin purchased his primary residence in April 2005 for approx. $116,000.00. In September 2011 he added his sister and my wife to the Warranty Deed, In February 2019, he passed away and his sister executed a Quit-Claim Deed making my wife sole owner of the property. What is her basis in the property? She sold the property in September 2019 for $50,000.00. What is our tax liability on this money? Also, he owned three vehicles which were inherited by his sister. She didn't want to be bothered with them so she gifted them to my wife. Two of the vehicles have been sold and we kept the third vehicle for our personal use. What are the tax implications regarding the above vehicles?
