I inherited 1/3 of some property (land with a lease) from my mother in 1973. My 2 sisters inherited 1/3 each as well. In 2018 one of the sisters died, leaving her 1/3 to each remaining sister. Each sister now owns 1/2 of the property. We are selling it this year.
How do we calculate the cost basis for the capital gains. For the purposes of this, let’s say in 1973 the land was worth 50,000, and in 2018 it is worth 500,000.
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