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Deductions & credits
You need to make sure you enter the cost basis for the fair market value at the time your parents died.
If you didn't inherit until the second parent died, use the date of that death to determine. If you don't know, the local property assessor will have a public record of the tax value.
Therefore, if the home was sold for $180,000 and had a FMV of $180,000, there is no capital gain.
‎June 4, 2019
5:15 PM