Thanks for your quick reply.
so I should report as one sale, calculate the total cost basis - use actual cost when purchase for the portion i initially owned and FMV when inherit as the basis for the inheritance ?
Say if actual cost to purchase is 500k and FMV at inheritance is 2.5mil
then my total cost basis for this transaction will be
500k*0.4 + 2.5mil * 0.3 = 950k ?
Am I understanding this correctly?
Could you elaborate a little bit on deduction not allowed for personal use property ?
thank you!
