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If Dad-in-law gave it to you before death, it would be a gift (not an inheritance.) However, if he lived in it until death (e.g., he retained a life estate) then it would still receive a "step-up" in cost to fair market value at the date of death. If there were three owners and none lived in it after Dad's death, each would report 1/3 of
If sold shortly after death, this usually results in a small deductible loss. If a family member lived in it after death, this would result in a non-deductible loss.
If he didn't retain a life estate and live in it it would be taxed as a gift, in which cash your cost wouldn't be FMV, but rather would be 1/3 of Dad's cost.
(Sorry to keep asking questions but you might notice in this reply, details matter.)
If Dad-in-law gave it to you before death, it would be a gift (not an inheritance.) However, if he lived in it until death (e.g., he retained a life estate) then it would still receive a "step-up" in cost to fair market value at the date of death. If there were three owners and none lived in it after Dad's death, each would report 1/3 of
If sold shortly after death, this usually results in a small deductible loss. If a family member lived in it after death, this would result in a non-deductible loss.
If he didn't retain a life estate and live in it it would be taxed as a gift, in which cash your cost wouldn't be FMV, but rather would be 1/3 of Dad's cost.
(Sorry to keep asking questions but you might notice in this reply, details matter.)
do not have one
Strange, Forms 1099-S are almost always issued. Was it issued to someone else?
Several other questions to clarify this sale as it's still not clear what happened.
spent most of money on travel trailer.
That part is clear - what the proceeds were used for have no effect on whether the sale as taxable or not.
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