Capital gain on inherited property

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04-11-2010, 08:59 PM

gbayes

Junior Member

Join Date: Apr 2010

Posts: 1

Capital gain on inherited property

I inherited a 1/11th interest in real estate. The heirs formed an LLC and the real estate was subsequently sold. I received a K-1 showing the capital gain on the sale. I believe my cost basis in the real estate was the 1/11th of the value on the date it was inherited. Where do I record my cost basis to reduce the LLC gain?

« 2009 Consolidated 1099 | treatment of capital gain ax on slump sale,asset purchase agreement,amalgamation. »

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