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.

[dupuycarolyn]

Each heir received $14280.00 What amount do I pay taxes on

[tagteam]

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]

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