I sold an inherited home that I only owned 1/3 of. The property value was 42,000 but my 1/3 of the sale was 11,806.62. So I end up with a long term loss of $30K??

[MichaelL1 · Accepted solution]

Your cost of the inherited property is the 1/3 of the Fair Market Value on the date of death.

Normally if an inherited home is sold within a year, there is a small gain or loss.

Look over your numbers used.