How do I deal with small capital gains & Schedule D?
Asking you accountant-types at your help desks, :)
My wife inherited, along with one sibling, one-half share in her mom's home. I have done some reading online, but I'd like to hear from some of you how to deal with this new area for me. I'm a do-it-myself tax preparer, but Schedule C and SE are about as complicated as I've been in the past.
I hear about "basis" which I understand is considered to be the value of the home at the time of the death. I guess basis is subtracted from selling price with half the balance being taxable income to my wife since there's a 50-50 split with the sibling. The two of them sold for $25,000.00, and the value at time of death was considered just a few thousand less than that.
Am I somewhere in the park?
Thanks.