If a property was sold for $400,000 and was owned by 3 people, what do you list as the selling price when you only received one third of the proceeds?

[amys0223]

Was gifted a piece of property with myself and two other people.  Sold the property.  How do I report?

[PattiF]

You would enter your share of the proceeds and the cost basis. The proceeds and basis would be divided into thirds for the amounts to be entered into TurboTax.

You can report the sale of an inherited property into TurboTax by following these instructions

Enter the proceeds , the date of the sale, the cost basis of the property, and the date that you inherited the property. 

Click on Federal > Wages & Income

1. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2022?  Click the Yes box.
3. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
4. When you get to the screen, Now we’ll walk you through entering your sale details, enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  
5. Enter the requested information and click Continue when done.

The basis for inherited property is the value on the date of death. You may be able to use the tax assessor's office or know some local real estate agents that can provide a better basis. Included in the basis will also be the selling expenses. 

Other expenses like improvements and charges listed on the settlement statement are added to the basis.

Please see this TurboTax Help article for more information.

[TomD8]

If the property was gifted to you (as opposed to inherited), then your cost basis is the donor's adjusted cost basis as of the date of the gift.