The basis of an inherited home is generally the
Fair Market Value (FMV) of the property at the date of the individual's death. If no appraisal was done at that time, you will need to engage the help of a real estate professional to provide the FMV for you. There is no other way to determine your basis for the property.
Your total shared basis would be the inherited basis plus the cost of repairs & improvements.
Each owner would report an allocated portion of the sale transaction on his/her individual tax return. The buyers concession would be deducted from the gross sales price, either as an adjustment to gross proceeds, or as a selling expense.
Additional Information
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