We construct an inclusive fitness model of the relative selective advantage of sibmating and outbreeding behaviour, under the assumption that inbred offspring pay a fitness penalty. We are particularly interested in the question of whether such inbreeding depression is enough to generate a stable phenotypic polymorphism, with both kinds of breeding observed. The model predicts that, under diploidy, such a polymorphism is never found, but under haplodiploidy, it exists for a narrow range of parameter values. The inclusive fitness argument is technically interesting because care must be taken with reproductive values. We also present a corrected version of a one-locus genetic model for sibmating and find that the inclusive fitness and genetic models give identical results when selection is weak.