How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15309
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
Type Your Capital Gains and Losses Question Here...
TaxRobin is online now
A new question is answered every 9 seconds

My mother passed away, leaving a home to sell. With 7 heirs,

Customer Question

My mother passed away, leaving a home to sell. With 7 heirs, how will the capital gains be calculated for the sale of this inherited property?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 1 year ago.
HelloIf the house ownership is transferred to the heirs and then sold , they each will report the 1/7 th part of basis and sale price on their returns.Basis will be the Fair Market Value of the house on the date your mother passed away and then divided by 7. The sale price is the price sold for plus cost to sell divided by 7.Because inherited property uses Fair Market Value it is unusual to have a gain. No gain means no actual tax to pay on the sell.Each uses form 8949 and Schedule D to report the sell.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.