Hello - I am trying to determine a cost basis for a home that we are selling. The home is owned by 5 people at 20% each. In 1994, my wife and sister-in-law were each gifted a half-share of 10% in the home. Let's assume that the value of the home at that time was $200,000. My wife inherited another 10% of the house when her mother passed away last year. Let's say the fair market value of the home was $800,000 at that time in 2020. How do we figure the cost basis if we sell so that we can correctly report the sale to the IRS? We currently own 20% of the home and it has been titled under our trust.
