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Deductions & credits
Assuming that ownership was 1/3 to each sibling, then each sibling would enter the sale of an asset using 1/3 the cost basis or inherited value, and 1/3 the selling price.
You can probably get an estimate of the market price of the home on the date of the previous owners death from a local real estate appraiser. They can do retroactive appraisals using historical data.
March 18, 2020
6:01 AM