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how to correctly enter 1/3 of inherited /sold parents home
We (3 beneficiaries) inherited parents home. Home needed lots of work and was sold 'as is' condition. The home was empty for 3 months and sold, as is. The Realtor sold home for $162,000 (divided by 3, $54,000), I used the $162,000 as value at time of death and the sales price. The net proceeds (less closing fees) was $152,269.34 divided by 3 ($50,756.44). Are the $54,000 - $50,756 the numbers I enter into the other investment section to record the inherited home? Would this generate a capital loss? I thought it would be a wash but now I'm not sure. I understand I describe as 1/3 inherited property. I'm not sure if I list 'second home" or 'other' ? Technically none of us were living in the home or using it for personal use - I guess this is where I'm getting confused.