Sale of Inherited property(home)

[Sherill]

I understand inherited prop is not taxable, but... what happens when the property is sold by the heirs?
Basis (FMV) at death($80,000)
Selling price if $100,000.
Capital gain tax ?? = $20,000
If there are four(4) heirs, then does the capital gain get prorated for each heir? ($5,000)
Thank you.

[Jiggers]

Sale of inherited property

I understand inherited prop is not taxable, but... what happens when the property is sold by the heirs?
Basis (FMV) at death($80,000)
Selling price if $100,000.
Capital gain tax ?? = $20,000
If there are four(4) heirs, then does the capital gain get prorated for each heir? ($5,000)
Thank you.

Each heir will report their share of the sale, less their share of the inherited basis, less their share of the selling expenses (survey, commissions, etc.). This will be considered a long-term capital gain.