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Capital gains on property -
Here is my situation:
1. In 1994, father gifts family home/property to his three children and he leaves to live with a daughter
in another state.
2. The father considered this a $10K gift to each child -- total value of property in 1994 is $30K (no records, just his estimates.)
3. The father stated he had approximately $25K in the property (this included initial purchase price and improvements, i.e. garage, wells, additions, etc.) (once again no records, only his estimates.)
4. Father dies in 1997. And the property is vacant 1994-1999.
5. In 1999, before the property was sold, one sister gave her share in the property to the other two owners.
6. Later in 1999, the property was sold for $100K. The value rose quickly due to change in ownership of neighboring property and commerical ventures
close by.

How does the two owners get a basis for the capital gain?
Is there a way to determine the Fair Market Value
when no records or very few records exists?
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