[WSBARP] Cap. Gain Taxes for Real Property

[David Faber]

Client sold real property this year and will need to report capital gains.
The real property was purchased in 1972 by a friend of Client, then, a
couple years later, quitclaimed to create JTWROS between the original
purchaser, Client, and a third individual. In the mid-80s, the original
purchaser and the third individual quitclaimed the real property to Client.
Client is now attempting to identify her tax basis in the real property on
the date of sale.

Basically, did the quitclaim in the 80s establish a new tax basis, in whole
or in part? Or is the Client stuck with whatever her tax basis was in the
70s when the JTWROS was established?

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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