My wife's Mom and Dad were divorced many years ago. Part of the divorce decree was that my wife's Father would hold property in trust for the kid's and that it would be passed on to them. This year, it was agree by my wife and her siblings to sell the property. The money was split evenly among the siblings. Can anyone help with the tax implications here? Can the original price of the property be deducted from the sale price? Where do I put this on my tax return, etc.
Thanks!