If you and your siblings had the remainder interest in the property then, following the life estate, you would have taken the property in fee simple absolute at the fair market value on the date of death of the life tenant.
As a result, if the house had been sold immediately following the life estate, there would likely be little, if any, gain.
However, the facts, as you wrote them, are not at all clear, particularly the first section where you wrote that you "inherited a house in 2007 which contained a life estate" and "the life estate was voluntarily terminated in 2023". Thus, you need to elaborate and clarify the facts.
