Thank you @Hal_Al & @fanfare It was a modest home so my 1/12th was $10,833 as reported on the "2 Gross proceeds" of 1099-S and the check I received was for $10,024 which reflected the net proceeds. Since it was gifted to us in 2016, I took ratio of the assessed value (property tax statement) from 2016 compared to assessed value (property tax statement) from 2021 (the year it sold) and used it to extrapolate a basis for 2016 based upon the net proceeds above. So my sales proceeds was $10,024 and I determined the basis to be $7,782, so the gain is $2,242. Does that make sense? Also, I was hoping since it was a gift and the net proceeds & gain modest that perhaps it fell under some threshold that the gain would not be taxed? Thanks
