To be clearer, my aunt added my self an 3 siblings to her primary home's deed in 1995. The approximate value then was $140,000. She lived in the house by herself, and paid all bills and expenses for the house, to the day she passed away in February 2017. On that day the home became my siblings and mine. The house was not in her will, since it would automatically become ours. Approximately 6 - 7 weeks after her passing, we listed the house for sale with a realtor at the appraised value of $339000. It sold the first day for $335,000.
Also, the house is in Long Island, NY, and all 4 of us live in New Jersey.
At the time of the closing a NY CPA told us that the cost basis of the house for tax purposes was the day of my aunt's death, since we never received any benefit or gain from the house until its transfer to us. I am trying to determine if this info is correct, since it is true. My aunt had full control of her house. We never received rent, or anything else until my aunt's death.
The four of us will each receive a 1099-S for 25% of the sale, approximately $83,455. Thank you
