grandmabee Posted February 27, 2011 Report Posted February 27, 2011 client name was added to deed many years ago. no gift tax return ever filed. parent died two years ago and now dtr has the house with some property. she logged timber off just to clean area. income around 11,000. I don't know if she has any basis. I have the cost of harvest tax that was paid but basis? thanks for any insight. Quote
schirallicpa Posted February 28, 2011 Report Posted February 28, 2011 no basis. but long term capital gain. she won't get hit too bad. Quote
grandmabee Posted February 28, 2011 Author Report Posted February 28, 2011 yes, she is ok on federal no tax due but state is what hits her. just wanted to check to see If I am missing anything Quote
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