Quote Originally Posted by Burke View Post
1. Yes, and the basis is whatever their basis was. (See #3)

2. That is for the transferors (siblings) to decide. It does not appear your client gifted anything.

3. This seems to contradict your first statement and indicates it was sold to your client AND other siblings (3 parties.) If that is the case, his basis is the share he paid for it plus any improvements, plus whatever the other siblings' basis was.
Thank you Bruke! You are right about point#3. The father sold the property to his children and not gifted it to them.