Have a Tax Question? Ask a Tax Expert
Yes - your assessment is correct - there is NO gain based on your information.
For inherited assets - there is so-called stepped basis equals to the fair market value at the time the decedent passed away.
That basis is used to calculate the gain or loss.
So - there is no gain,
but because there are some selling expenses - most likely - you will realize a small loss that may be used to reduce other taxable income.
Let me know if you need any help with reporting.