My mother inherited her real property. She quit claimed it to my brother and I.She passed, and we sold the property.How do I figure my tax?

[Wayne-07]

Would the selling expenses include closing cost and commissions, etc ?

[MichaelL1]

yes, closing costs, realtor fees, staging costs, etc. would all be included for the share that is yours.

[Wayne-07]

Would my mother's cost/basis also be entered at the 50% of what the full amount was ?

[MichaelL1]

Your mother gave the property to your "Brother and I" so these two would each show 1/2 of the sales and use 1/2 of the mother's cost basis in computing the gain or loss.  The mother when giving it, was considered a gift.

[MichaelL1 · Accepted solution]

The value of the property you acquired as a gift from your mother is: Her cost of the or the Fair Market Value (FMV) at the time of the gift whichever is lower.

So your mother's basis or cost of the property would have been her FMV at time of death of who she inherited it from. Also improvements made after she acquired it. 

Your brother and you would each report your share of the sale, selling expenses and cost of the property.

So if it sold for $110,000 and selling expenses were $10,000, you would have $55,000 sales price and $5,000 of expenses.

Your more difficult part is probably figuring out your cost basis in the property.  

You would report it as follows in TurboTax.

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