to coxdt Your FMV should be determined by comparable sales. It is possible that the cost basis is higher then your sales price because you wanted a quick sale . Plus the selling costs are deductible expenses since this is investment property . You should have received a 1099-S from the closing company and that needs to be reported. Please note that inherited property is considered to be long term for any gain/loss.
Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
