I have the same problem, My mom passed away in 2007. She has inherited a portion of her parents property when her father passed away in 1988. however her mother was still alive so no one really did anything.
then her mother passed away in 2016. no one still did anything as her brother still lived in the house.
this year her brother decided to purchase the house from the rest of the family. As her children ( my sister and I) received a portion of her inherited amount. (2.3/24 each-for my sister and I). The lawyer that processed the sale sent us both 1099-s of the whole value $202,083.34 but we really only received $ 23,934.63 each. how do i claim this on taxes. The lawyer said we had to do 2 values. the amount when my mother passed in 2007 and then when my grandma passed in 2016. Her brother did not get a appraisal so we only have the tax fair market values which are way lower then the land in the area.
