We inherited property 20 years ago. My brother has been living there (he owns half) and has improved the property. We have decided to sell our share to him. We based the price on what our share was worth 20 years ago when we inherited the property, although today it is worth much more. Will we owe capital gains on this even though no gain was made on the original FMV or would we even have a capital loss since the price is less than the current FMV?
