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Four of us inherited mom's house when she passed. FMV was $200,000, and that's what we sold it for. Do I claim FMV for my share, or the entire amount?

 
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Phillip1
New Member

Four of us inherited mom's house when she passed. FMV was $200,000, and that's what we sold it for. Do I claim FMV for my share, or the entire amount?

Assuming your siblings are each claiming their own portions, you should claim your 50,000 dollar portion of the sales proceeds and inherited cost basis. 

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Phillip1
New Member

Four of us inherited mom's house when she passed. FMV was $200,000, and that's what we sold it for. Do I claim FMV for my share, or the entire amount?

Assuming your siblings are each claiming their own portions, you should claim your 50,000 dollar portion of the sales proceeds and inherited cost basis. 

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