Hi all,
My siblings and I inherited property from our father, who passed early last year. We had the property appraised at $400k for potential cost basis purposes a few months later, and put the house on the market towards the end of 2024.
It finally sold early last month at $370k. One of my siblings is the executor and should have access to the bill of sale, etc. We each received $100k up front, with a potential $14k additional, once taxes on the estate have been figured out.
I'm trying to figure out what information/forms I need to have to show the government what the cost basis was for this sale so they don't just assume it was earned income or something. Do I need a copy of the bill of sale, plus the appraisal to show that the house was sold "below cost basis"?
Any information would be super helpful, thanks!
