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Deceased Mom's Home and Siblings


Yardley CPA

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Siblings inherited deceased Mom's home through her will.  Basis is the fair market value at date of death, correct?  In any event, the pair of brothers determined, through use of nighborhood sales records and consultation with a realtor, that the FMV was $240,000.  One brother paid the other brother $120,000 as he wanted to take ownership of the home.  There is no 1099-S.  There is no "gain".  I believe the property was deeded to the one brother after this transaction took place. 

My client, MFJ, is the one who received the $120,000.  Based on these facts, I'm wondering if this impacts his return?  I don't think it does and don't feel it needs to be included but wanted to see what others feel?  Thanks!  

 

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