Do I pay tax on inherited property sold?
My brothers and I (4 of us) each inherited equal portions of my mother's house when she died. We sold the house shortly after the estate was settled and each of us received ~ 18,000 (there was no mortgage). Now, I am aware that any gain is taxed as long term no matter how long we owned it, since it was inherited, but my ? Is how much of that do we claim, if any.
There was no appraisal at the estate settlement, it as listed on the tax rolls for 74,000 and we sold it for 82,500. Do we claim the 8500 as long term capital gain? (of course it would be 2125 for each of us)
THanks for any guidance you have