My 2 sisters and I inherited my mother’s house in January of 2024. My mother and father purchased the house in 1967. I do not know the purchase price of the house. In April we sold the house and divided the sale price equally among the 3 of us. Do I owe taxes on my portion of the sale? The house was unoccupied from January - April. The sale was not handled by a realtor and was a cash deal.
Assuming your mother was the sole owner of the house, you get to use the fair market value on the date of her death as your tax basis split equally among the three of you if each had equal ownership in the inheritance.
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