The passing of my wife's mother

[Baxterford]

My wife's mother passed away in April 2022, her and her siblings inherited money from her mother's property that sold in 2024.  The realtor of the sale reported to the IRS as a 1099, The cost basis is 87,688.24.  Do we need to claim that money on our taxes, since it was inherited, to the IRS?  And the time of her death the value of her condo in Florida was 450K in 2022, it sold for 284K in 2024. If we are required to claim the cost basis,can we claim a capital loss?

Robert (Bob) Baxter

[Baxterford · Accepted solution]

The cost basic is per sibling.