Property received as a gift from my mother and aunt

In June of 2006 my wife and I received aa a gift property form my mother and aunt thru a quick claim deed in which they had a life estate clause. The FMV of the property was 101,000 at that time. My mohter passed away in Dec of 07. In 2009 the property was reappraised and the value went to 149000. On 10/09 my aunt passed away. I sold the property on 12/10 for 25,000. I was thinking that I should use 1/2 of the 101,000 value since my mon died in 07 and the other 1/2 of the 149,000 since my aunt die in 10/09. Therefore the cost basis would be 125000. I show a loss of 100000. Is this correct and how many years can I take this loss on my income tax.