Two siblings own a house...that was quitclaimed to them by father. sibling 1 was bought out by sibling2...does sibling 1 report a capital gain?

[gennarostella]

using the father's cost basis would result in a gain.

[IRonMaN · Accepted solution]

Yes.

[gennarostella]

Thanks!  thats what I thought.

[IRonMaN]

You betcha!