My brothers, sister and I acquired our mother's house after she passed and was settled in probate in 2018. The home was valued at $208,220.21 based on similar listing comparisons provided by our realtor. We paid $18,240.65 in closing costs for the seller and made $8284.19 in improvements to the home. The home sold for 218,001.05. Since we paid more than the house sold for in closing costs and improvements than the house was valued at when we acquired it do we have to claim it in our 2019 taxes? If so how is that done for the four of us that were on the title?
