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Get your taxes done using TurboTax
Yes, you enter your share of 25% of everything, including gross sales price, cost basis and selling expenses. You should have received a Form 1099-S from the closing agent, generally a title insurance company, an escrow company or an attorney. The 1099-S should show your share of the gross sales price and that's the figure you should use on Schedule D.
BTW, the cost basis is the appraised value of the property when your parent passed away plus any major improvements since then, not what they paid for. If the property wasn't reappraised at that time, get a qualified appraiser to do it before you file your 2025 tax return.
2 weeks ago