In that case @DianeW777 's answer above is correct. Your cost basis is 50% of the amount that your parents originally paid for the house plus 50% of the value of the house on the date of your dad's death. Add those two together and subtract it from the amount you receive from the sale of the house and you will have your taxable gain. Any money you choose to give to your siblings is a non-tax -deductible gift.
@mgawro01
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
