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Deductions & credits
It sounds like maybe the will was probated in 2011, and the deed was modified to the 3 siblings, and the estate was closed. So the three siblings sold the property in 2019.
Since the total is less than $19K, it may not be worth hiring an expert to untangle it.
Even assuming the property appreciated 40% in 8 years (5% per year, which is probably unrealistic for unimproved land) your basis would be $13,000, and the gains $2,000 each (minus expenses). With a higher basis, your gain would be even less.
If this is the case, then the three siblings owned equal shares and each received 1/3 the proceeds and owes tax on 1/3 the gain. Then after the sale, you reimbursed one of your siblings for the property taxes (because if this was done right, each sibling would have been billed for 1/3 of the taxes every year since 2011 by your brother-in-law). The fact that you reimbursed him for the tax doesn't change the fact that you received 1/3 the property.
So in Turbotax, report 1/3 the cost basis and 1/3 selling price.
Since the total is less than $19K, it may not be worth hiring an expert to untangle it.
Even assuming the property appreciated 40% in 8 years (5% per year, which is probably unrealistic for unimproved land) your basis would be $13,000, and the gains $2,000 each (minus expenses). With a higher basis, your gain would be even less.
If this is the case, then the three siblings owned equal shares and each received 1/3 the proceeds and owes tax on 1/3 the gain. Then after the sale, you reimbursed one of your siblings for the property taxes (because if this was done right, each sibling would have been billed for 1/3 of the taxes every year since 2011 by your brother-in-law). The fact that you reimbursed him for the tax doesn't change the fact that you received 1/3 the property.
So in Turbotax, report 1/3 the cost basis and 1/3 selling price.
‎June 7, 2019
3:23 PM