Thanks for the reply KrisD15. You are correct, the proceeds as provided on my 1099-S reflect the split, ie one third of the total proceeds.
It WAS a Life Estate set up on the deed. My understanding from my parents attorney is that the calculation for any gain/loss would be based upon the date of death of the (last) parent until the date of the sale of the property. It is my understanding that the basis would be established by determining the fair market value of the home at the time of death and comparing that to the subsequent sale price. Any gain/loss would be determined accordingly.
Is this correct??
