Investors & landlords


@Mitc3915 wrote:

Does this mean I will be taxed on the entire amount?  I am splitting proceeds of sale with my 3 brothers.  Does it matter the sale was for 85k only?


If the Form 1099-S you received is only for your portion of the proceeds, then that is what you will enter.  The home cost would be the Fair Market Value on the day your parent passed.  You would enter 1/4 of that value as the cost of the home (since the home sale was split 4 ways) and the date of death for the deceased as the date it was acquired.