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June 3, 2019
Question

Sold inherited home: My sibling and I inherited my Dad's home 50/50 Do we divide the FMV in half?

  • June 3, 2019
  • 1 reply
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My brother and I inherited my Dad's home 50/50 in 2013 however he left a life estate to our step mother and she passed in 2017 which year do we use to get FMV, since we couldn't sell it till she passed?  Do I divide the FMV amount between my sibling and myself?

1 reply

Employee
June 3, 2019

Because of the life estate, you inherit the home with the 2017 value. Each sibling should list half the FMV and half the selling price on their tax return.