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TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15610
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Sold my moms house $80,0000. It has been in mine and my sisters,

Customer Question

Sold my moms house $80,0000. It has been in mine and my sisters, and my two brothers names e 1993 it was estimated that it was worth 331800 at that time How do we file the capital gains and can we split upgrades closing costs and taxes we put.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 1 year ago.
HelloIf you all inherited the house then you report the $331800 divided by the number of siblings (looks like 4?) as the cost plus the improvements since the inherited date. If the house was given to you before your mother passed away then you use her cost not fair market value plus improvements as the cost.Each of you reports your 1/4 portion as cost.The sale price is divided by 4 also and you each report the $20000 plus portion of costs to sell.The form 8949 and Schedule D is used by each of you and attached to your individual returns.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  TaxRobin replied 1 year ago.
Checking to see if you responded