Tax question regarding sale of inherited property...
Three years ago my deceased parents left three houses totalling about $550,000 to me and my three sisters without a will. In succession, it was ordered that we all own the property equally (approximately $135,000 each). Over time, the properties have deteriorated some, and have gone vacant. Because I live so far away, and in a different state, I sold my interest in the properties last year to one of my sisters for $60,000. Do I have to pay taxes on the $60,000? Or am I eligible for a write off?
I know that my loss against value is well over $30,000...
How do I address this on my taxes?