I have recently sold a piece of inherited property and am trying to estimate what taxes will be in order to equally divide expense between my sibling and myself.

I have a few unusual circumstances however:
- the property was in my name only
- the property was not put into my name until 5 years after my father's death due to a court hold-up in the disbursement

The property was worth arounf $175,000 (tax value) when it came into my name 4 years ago. Some money wasinvested into the property after the fact (about $5000) and it has now been sold for $70,000 - that is what the 1099-s states also.

Given these details, what can I expect to pay in taxes, filing single at an annual income of $50k?

The estimated total will need to be split and taken rom my sibling's portion of the proceeds.

There should not be any taxes on the sale nor if you sold it for $175,000. Might ought to check your state income tax department to see if low inheritance amounts
Are taxable.

If you sold it for $70,000, MUCH less than the basis, you have a capital loss, but it is NOT deductible because the property is personal in nature.

You DO have to report the sale using Schedule D and Form 8949, but no taxes are due.