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short answer -- yes.
I am assuming here that the property inherited was 50% yours and 50% your brother's. Therefore your basis in the property at the time ( and now if you have not made any improvements) is the full FMV at the time of death of the decedent ( or your original FMV basis plus whatever you paid for the other 50% ). Your gain is obviously sales proceeds ( sales price less sales expenses ) LESS your adjusted basis ( acquisition basis less any allowable depreciation if you were renting out the home for the last two years). Does this answer your question?
short answer -- yes.
I am assuming here that the property inherited was 50% yours and 50% your brother's. Therefore your basis in the property at the time ( and now if you have not made any improvements) is the full FMV at the time of death of the decedent ( or your original FMV basis plus whatever you paid for the other 50% ). Your gain is obviously sales proceeds ( sales price less sales expenses ) LESS your adjusted basis ( acquisition basis less any allowable depreciation if you were renting out the home for the last two years). Does this answer your question?
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