Yes.
Cost basis of inherited property is the market value on the date of death. So, if:
- The inherited home was originally purchased for $30,000,
- But was worth $150,000 on the date of death, and
- You are one of three who inherit the property,
The cost basis will be $150,000 multiplied by 33 1/3% = $50,000.
The 1099-S will reflect your proceeds of the sale of a home.
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