Sale of inherited property at a loss
I sold my share of an undeveloped inheritance property in NY in 2011, left to me in 2008. Property appraised at time of death at 750K, my 1/6 share 125K. Property sold for 550K in 2011, my share 91,666. Have been out of work here in NJ for almost two years, so this was my only income. I have deductions for medical bills, job search, mortgage interest etc. I don't know how much I have to claim deduction -wise to minimize my tax exposure on this sale. Is this taxable income, and if so, what is my exposure given the loss on the sale? I used to have an accountant do this, but can't afford one right now. Thank you for your help.