CMS_VA_CPA
Level 3
12-06-2019
11:02 PM
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How was the property used since the quick claim in 2010?
If quick claimed to the siblings and no money changed hands, it sounds like a gift to them. A gift tax return should have been filed in 2010 and the basis to the siblings would be the father's basis. Whether or not there is a gain or loss depends on the gift gain/loss rules and the character of the property use since 2010.