Contested Property: Beneficiary Inheritance: Gain or Loss
Court Judgment of Possession took 10 years for Beneficiary to receive following inherited property:
Home FMV at date of death (2012) = 130,000.
Misc. (tractor + truck) FMV at date of death (2012) = 22,000.
Due to inheritance being contested, it took 10 years for court settlement.
Home FMV at date of court settlement (2022) = 210,000.
Misc. (tractor + truck) FMV at date of court settlement (2022) = 5,000.00.
Home sold in 2022 for 200,000.
Misc. sold for 6,000.
QUESTIONS:
What is basis of each?
What is reportable tax gain or loss of each?