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I jointly inherited property w/ 2 sisters, The FMV at the time of death was $115k & the property is being sold for $120k so how are the capital gains calculated/divided?

Forum|Forum|7 years ago
June 4, 2019
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Myself and 2 sisters inherited property from my father. The FMV at the time at the time of death was $115k and it is being souls for $120k. Would I report the capital gains in 3rds? So 1:3 of 115 and a 3rd of 120?

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Best answer by Coleen3

You would divide everything into thirds, the basis (FMV at time of death), sales price and costs of sale, assuming you did not get a 1099-S with the full value in anyone's name. If you did, you would have to adjust the basis to prevent one person having the full gain.

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Coleen3Answer

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You would divide everything into thirds, the basis (FMV at time of death), sales price and costs of sale, assuming you did not get a 1099-S with the full value in anyone's name. If you did, you would have to adjust the basis to prevent one person having the full gain.