Sold deceased parents home. 3 heirs. High Fair market value was $230500. Sold house for $160000. How do I enter my 1/3 of proceeds?

[pawpaw53-]

When I add the total FMV of the home and then the 1/3 that I received it shows a big loss for me but that's not totally accurate.

[Anonymous_ · Accepted solution]

In order to have a capital loss on the sale, you need to have held the property for investment purposes.

Regardless, if you are dividing by thirds (1/3), then you need to divide your proceeds by one-third and also your basis by one-third.