I have two clients with nearly same situations:
Someone died with land, 4 people inherited the land (1/4 each), and then the land was sold. My client is one of the 4 people who inherited - received a 1099S for the proceeds of their portion of the land.
I have an appraisal but have not dug any deeper than that.
I guess I need to know the following first:
1. Date of death of individual who died
2. When the appraisal happened compared to death (need to be within 6 months?)
If appraisal is within 6 months of death I guess I can just use that as basis divided by 4?
If a loss occurs, is that a capital loss? One clients land was farm land, the other not sure on
What if appraisal was not within 6 months?
Sorry, know there is a lack of facts, but just need to know where to take off from