My father built a retirement home and when my mother passed away 6 yrs later he put all 5 of us children on the deed with him. He passed a year and a half ago. We had been on the deed for 5+ years when we sold the house(never rented it or lived in it). We paid the inheritance tax on his 1/6. We sold the house, splitting the proceeds. He paid over $300K to build it, we sold it for $225K. We received a 1099S. How do I report this? Can I claim a Capital loss? Do I have to report it as a Capital Gain?
