Sale of inherited land between siblings

[jecraighead]

Father passed away 9-22-2012. He had no will. Mother quick claimed her interest to the 4 siblings in 2015. The land mkt value on TN property data website shows $13,300. On 3-28-2016 the land was sold and one half of the proceeds went to our father's brother and the other half was split between myself and my 3 siblings. We each made $6062.50. When I enter the market value and the amount I made from the sale, it shows a loss. Just want to make sure we are entering this correctly.

[AmyT · Accepted solution]

When you report your basis in the property, you will not report the full amount.

The basis of the total property is $13,300.  The basis in your "portion" of the property is 1/8 of $13,300 or $1,662.50. (1/2 of the basis is claimed by your uncle, and the other 1/2 of the basis is split in 4 between you and your siblings).

[rcastagnaro]

What happens if the proceeds are NOT distributed evenly? If one sibling gets $10K, another $4K, and another $2.5K, are their gains taxed accordingly or evenly, (which would be unfair)?

[butchis83]

What Form or Section of turbotax Premier do I use. 

[KATHREENM]

WHERE DO I REPORT WILLED PRPERTY SALE

[Critter-3]

https://ttlc.intuit.com/questions/2583688-sale-of-a-second-home-or-land