Hi Johnny727!
Whether you pay taxes on the inherited house will depend on how quickly you sell it and whether you make it your primary residence.
When you inherit a house, you get what is called "stepped-up basis." This means that your basis in the house is the fair market value on the date the person died. If you immediately sell the house for a price close to the fair market value at death, then you would have little or no capital gain or loss, and therefore no taxes on that sale.
If you hold the house, but it isn't your primary residence, when you eventually sell, the gain or loss will be the difference between what you sell it for and the fair market value when you inherited it. The gain or loss will be long term and taxed at capital gains rates, which vary between 0% and 20%, depending on your taxable income.
If this house becomes your primary residence and you live in it for at least two years before selling, you may qualify to exclude up to $250,000 of any gain ($500,000 if you file a joint return with your spouse).
This link to the IRS website provides more information about qualifying for the gain exclusion.
https://www.irs.gov/taxtopics/tc701
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