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dupuycarolyn
New Member

Can you help me figure cost basis on inherited property that was sold and proceeds divided between 7 heirs? Property valued at $63,300 and sold for $100,000.

Each heir received $14280.00 What amount do I pay taxes on
2 Replies
tagteam
Level 15

Can you help me figure cost basis on inherited property that was sold and proceeds divided between 7 heirs? Property valued at $63,300 and sold for $100,000.

There are insufficient hard facts, but the gain would be the difference between the selling price (which appears to be $100,000) and the fair market value on the date of death (which appears to be $63,300).

 

Of course, both figures have to be divided by seven and the presumption is the "value" is the fair market value on the date of death of the decedent.

fanfare
Level 15

Can you help me figure cost basis on inherited property that was sold and proceeds divided between 7 heirs? Property valued at $63,300 and sold for $100,000.

it seems your appraisal was off by quite a bit. Fair market value is the price agreed by buyer and seller.

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