Hal_Al
Level 15

Deductions & credits

Q.  So i use the FMV at time of death for purchase price. Do i split the cost three ways when entering on tax return?

A. Yes.

 

Q.  And split the sale price/ expenses three ways?

A. Yes, assuming an equal split of the gain?  The probably comes if the 1099-S is only issue in one name.  There are several ways to adjust that.  The most common is to adjust that persons cost basis.