my sister and I inherited my Mothers estate recently, she was a 50% partner on some rental property. The other partner does not want to sell because he would have a tax issue the property is 3 smaller parcels and 1 larger parcel,
he wants to quitclaim the larger to us and keep the smaller. The larger is worth more than the 3 smaller properties, the larger is worth about 2 mil the smaller is worth about 1.7 mil if we devide by 50% for the partner our base is $1,850,000. we intend to sell, if we sell for the 2 mil do we pay capital gains on the overage. Or do we just appraise the large pc at the 2 mil and sell for that with no capital gains. right now the property is still in her trust we have not moved it yet. It has only been a little over a month and there has been so much to do Too much to do in such a short time after a big loss