The inheritance was the 1/3 interest in the house. They are now selling their 1/3 interest to their sibling. Seeing as it was used for rental, it's business property, so any gain on the sale will be taxable. If there's a loss, it's going to be disallowed because the sale is to a related party.--Peter Does this apply if the house was not rented? Having a bear of a time selling Dad's house. He died over a year ago. Unfortunately, the value it was inherited at is less than what he paid for it.IP
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