@RCE19 - note VERY carefully the advise you were given.
While I agree with the answer you were provided (the 3 of you can each take a loss as equal beneficiaries) , you can end up with the wrong result.
It's not the 'assessed value' that determines the cost basis in this situation, it's the MARKET VALUE of the home at the time of death. Those two numbers can be very, very different, depending on the municipality (for example, in NC these assessed value is normally changed only once every 7 years).
did you have an appraisal completed at the time of death?
