I agree with PaulEA.The gift occurred when you received your interest in the property, if at all. The sale of the property is a separate "realization" event. You need to have some professional help to determine what your basis in your interest was. Because you got the interest most likely as a gift, you would take what is called a carryover basis, i.e. your grandfather's basis. So if his basis was $10,000 and you are getting 10% of the sale proceeds, your basis would be 10% of $10,000 or $1,000.Unless you were talking to TAX attorneys, listen to the CPA. Most attorneys know very little about taxes, unless they practice in the area.TaxProf
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