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jedtaub
March 11, 2025
Question

How to list 1/2 house inherited from mother. who died 11/30/2020. House in family for 40+ years, no date/basis available.

  • March 11, 2025
  • 1 reply
  • 0 views
Executrix is family, cotenant, no communication. Our lawyer no help.

    1 reply

    KrisD15
    KrisD15
    March 11, 2025

    You will need to enter the sale and the TurboTax program will need to know your "basis" (cost/value) since the IRS will require that. Your basis would be your half of the Fair Market Value of the property on the date of death. 

     

    You will need to obtain the fair Market Value for 11/30/2020.

     

    I suggest you contact an Appraiser or Real Estate Broker to give you an estimated value for that date. 

     

    Once that value has been determined, enter half of everything (basis, sale proceeds, sale expenses) to get to your share of the Capital Gain or Loss.  

     

    IRS Link 

     

     

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