DEED in name of deceased parents(1997)....three children, one living, two deceased (1989) and (2011), so entitled to equal shares (i am assuming), upon three way distribution at time of death of last sibling in 2011 FMV was 396K...is distribution based on that number or based on value if property is sold lets say 1 million dollars
When you inherit property, what you inherited is valued at the time of that inheritance (subject to certain exceptions).
Any appreciation in value from the time that the person from whom you acquired your interest passed away until the time of sale is taxable as income (perhaps a long-term capital gain, which is taxed at lower rates).
Where a distributee passed away, it is important to know whether that person passed away before or after the date of death of the person from whom their interest was acquired.
A whole bunch more information is needed in order to properly advise you.
You should consult an attorney directly .
Good luck to you.
Michael S. Haber is a New York attorney. As such, his responses to posted inquiries, such as the one above, are limited to his understanding of law in the jurisdiction in which he practices and not to any other jurisdiction. In addition, no response to any posted inquiry should be deemed to constitute legal advice, nor to constitute the existence of an attorney/client or other contractual or fiduciary relationship, inasmuch as rendering legal advice involves the ability of the attorney to ask appropriate questions of the person seeking such advice and to thus gather appropriate information. In addition, an attorney/client relationship is formed only by specific agreement. The purpose of this answer is to provide the questioner with general information, not to outline specific legal rights and remedies.
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