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you won't be audited if your description is "Inherited home"
Inherited gains (or losses) go on Form 8949 Page 2 (Long Term).
The appraisal is a good thing to have in your situation.
It was sold to a complete stranger. So if she is required to claim the sale of the inherited mobilehome on 8949 and Schedule D (she has no problem doing this) will it be legit to put $25,000 in as a cost basis and then showing no loss of gain?
Sorry, last words should have been loss OR gain!
My daughter does not want to get an appraisal and bother the new owners but I did read somewhere that appraisers will look at what the mobile home sold for at its last sale and base it on that. I guess if this is true, it might be worth to get one "just in case". But if there is no chance that the IRS will ask for proof then she won't bother getting an appraisal. Then I would think her selling it for $25,000 only 16 days after the death should be enough to satisfy the IRS.
I do my daughter's taxes and I really appreciate everyone's response, you are all really helping me navigate through this issue. I just want to do it the right way.
Thank you!
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