My father passed in Dec 2018 and my 2 brothers and I just completed probate in the state of Florida and the home was transferred to our names in as of Aug 27, 2019 , we just sold the home Oct.11, 2019 . We are all Massachusetts residents. Is there a formal document that is required from a real estate agent for the cost basis to establish FMV, I would say FMV did not change from the time it was transferred in our names in Aug 2019 compared to when we sold it in Oct. 2019 . Question is how do I prove that and do I need to ? Also the proceeds were all processed via my SS# on the 1099-S but if there is no tax liability I don't think this would matter would it ? As I see it there are no capital gains. Finally at the time of the sale there was a mortgage that was satisfied and moneys were left over that we split equally , this is not taxable in our state as I understand it as there is no inheritance tax in MA. is this correct, I just need to make sure before we split all the proceeds that I am not on the hook for taxed related to this .
