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Thanks for the quick resposne -

- there was no life tenancy established -
The condo was transfered/purchased for 110K with a gift of equity for 22k and a first mortgage of 88K in my name. No return was filed. So is my cost basis is 110K? I also kept all receipts for fixes/work done on the condo.
- Grandfather passed away

I am also thinking of buying more property - Should I use a 1031 exchange?

Both the lawyer that handled the closing and my accountant are family friends. I am starting to think about the saying you get what you pay for?
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