https://ttlc.intuit.com/community/taxes/discussion/the-passing-of-my-wife-s-mother/01/3399062#M1253532 <P>My wife's mother passed away in April 2022, her and her siblings inherited money from her mother's property that sold in 2024.&nbsp; The realtor of the sale reported to the IRS as a 1099, The cost basis is 87,688.24.&nbsp; Do we need to claim that money on our taxes, since it was inherited, to the IRS?&nbsp; And the time of her death the value of her condo in Florida was 450K in 2022, it sold for 284K in 2024. If we are required to claim the cost basis,can we claim a capital loss?</P><P>Robert (Bob) Baxter</P> Wed, 30 Oct 2024 16:19:30 GMT Baxterford 2024-10-30T16:19:30Z https://ttlc.intuit.com/community/taxes/discussion/the-passing-of-my-wife-s-mother/01/3399062#M1253532 <P>My wife's mother passed away in April 2022, her and her siblings inherited money from her mother's property that sold in 2024.&nbsp; The realtor of the sale reported to the IRS as a 1099, The cost basis is 87,688.24.&nbsp; Do we need to claim that money on our taxes, since it was inherited, to the IRS?&nbsp; And the time of her death the value of her condo in Florida was 450K in 2022, it sold for 284K in 2024. If we are required to claim the cost basis,can we claim a capital loss?</P><P>Robert (Bob) Baxter</P> Wed, 30 Oct 2024 16:19:30 GMT https://ttlc.intuit.com/community/taxes/discussion/the-passing-of-my-wife-s-mother/01/3399062#M1253532 Baxterford 2024-10-30T16:19:30Z https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399077#M1253533 <P>The cost basic is per sibling.&nbsp;</P> Wed, 30 Oct 2024 16:23:39 GMT https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399077#M1253533 Baxterford 2024-10-30T16:23:39Z https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399078#M1253534 Fri, 13 Dec 2024 22:58:57 GMT https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399078#M1253534 Anonymous_ 2024-12-13T22:58:57Z https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399083#M1253535 Fri, 13 Dec 2024 22:59:06 GMT https://ttlc.intuit.com/community/taxes/discussion/re-the-passing-of-my-wife-s-mother/01/3399083#M1253535 Anonymous_ 2024-12-13T22:59:06Z