The cost basis, on inherited property, is the
fair market value (FMV) on the date of death. That was apparently $24,000. If
the property was sold for $30,000, the capital gain is $6,000. That can be adjusted downward for any expenses
on the sale.
On your tax return, you report your share of
the sale (apparently $7000) less your
share of the cost basis (24,000 divided by the number of heirs) on form 8949,and
then schedule D.
