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Your joint basis ( for all the inheritors together ) is FMV of the property on the date of demise of the decedent. When you sell the property after a period, then you have to use that basis to determine ( either inheritors directly or the estate, depending on whom is doing the selling) the capital gain/loss and pay taxes on the gain. Note that the tax is ONLY on the gain and not the whole inheritence.
Does this answer your query or do you need more help? If so please provide the FMV at death and the sales proceeds after sales expenses such as realesate commission, trannsfer taxes etc.
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