How to report sale of inherited house on Schedule D?

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This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 2 months ago.

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    Anonymous

    In 1979, my Dad died and I inherited 1/3 of the house my mother was still living in. My brother inherited the other 1/3. My basis was $ 16,000 at the time of Dad’s death. My mother continued living in the home, but in 2008, my mother passed away and my brother inherited and split her 1/3. The stepped up basis of Mom’s home was $ 148,000. in 2008. We sold the house in a few months for $ 145,000. and we received $ 134,725 (after fees) for the whole house. I received 1/2 of that: $ 67,362. How do I report this on Sched D? I am especially confused about how to report the 1/3 from 1979 and how to figure the sale price of it. I file married filing jointly and for 2008 (without the house sale) our AGI is $ 74,578.

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