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How this is reported depends on if the house was inherited and transferred to an individual or individuals prior to the sale.
Please tell me if the house transferred prior to the sale so I can advise specifically for you.
Was a 1099S issued showing the sale?
While I wait for you to respond, I can advise about general info.
Well if you (all 3) inherited the property you each claim one third of the basis and one third of the sale price. This will gain you, your gain or loss to report.
Your basis is the fair market value on the day your mother passed. This gives you a better tax position because the fair market value and the sale amount are closer. You may even have a loss.
It is reportable even if a loss.
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