Yes, the cost basis and selling price is exactly what you indicate.
- Use the fair assessed value of the property from 2015 from the date of passing from the Assessors' office.
- Multiply (x) by your percentage which is 1/6th.
- Do not use the taxes owed. If you can itemize deductions the taxes would be deductible, but not part of the sale.
- Use your portion (1/6) of the total selling price. If the property was sold for the delinquent taxes, then this will be your selling price.
If the property was sold in 2023 but you received proceeds in 2024, you should report the sale as though it was 2024. You cannot enter a sale date of 2023 in a 2024 tax return.
@KurtisK
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