My family inhertied a "camp" from my father last year. I am the family executor, and want to advice my four siblings on the resulting tax consequences, and the need to file a (any?) tax related form.
When we inherited the property, our RE agent put the property on the market for $99k. It sold 6 months later for $85k. My parents had owned the camp for ~20 years. I do not think my parent's cost basis is needed (inherited step up in cost basis), but we have no idea what their CB was. My father's Total Estate value (less $500k in insurance policies) was ~$900k.
The attorney handling the sale told me we would all receive a _?_ form (apolgize for not recalling that form #) for the camp sale, which will also be reported to the IRS. Using Tax Cut software (albeit TY
2012), it appears to me that we do NOT need to file any tax forms, due to the recent camp sale?? Am I correct?
I sure appreciate the advise, I have received on this board.