My two sisters and I inherited our grandmother's house, and today sold it to our cousin (his grandmother as well). The property was sold for $52,000, and we each (the three of us) received checks for more than $17,000. How do I calculate what my capital gains tax will be?

The basis for the house is the Fair Market Value of the house either on the date of your grandmother's death, or on the six-month anniversary of her death. Contact the estate executor to determine which date was used. If not date was designated, it defaults to the date of her death.

The rest is grade school math (FMV / 3 = basis; $17,000 minus basis is capital gain or loss). The capital gain tax rate is probably 5%, but at most 15%.

I sold my one-third interest of an inherited property to my sisters for $80,000 . How much would I have to pay in capital gains tax ?

I sold my one-third interest of an inherited property to my sisters for $80,000 . How much would I have to pay in capital gains tax ?

Did you not read what AtlantaTaxExpert wrote in his earlier response? You would owe capital gains on the difference between your proceeds from the sale and your cost basis. Your cost basis is your portion of the fair market value of the property as of the date of death (or the alternative valuation date of 6 months later). Ask the executor of the estate to provide that information to you. If it turns out that this you have a loss you can not deduct the loss unless the property was used for business purposes.

See below. What was the BASIS for the property?