We are selling our share in a family property to another owner (there are 8 owners). We have the assessment from the estate of the previous owner at the time of her death. A discount was applied to that assessment for tax purposes because of the difficulty of selling when there are multiple owners.

My question is: to figure our cost basis for capital gains purposes, do we also apply the discount, or should we go with the full value?

Second question: There have been minor and major repairs and capital improvements to the property since the death of the previous owner. Can we add our share of ALL repairs and improvements to the cost basis, or only major repairs and capital improvements?

Thanks in advance for any help.