Since this was a gift to you, you would need to know the FMV of the property or what your fathers basis in the property was in 2008. If his adjusted basis was more than the FMV, then you would use the FMV of the house. Consequently, if the Adjusted Basis is less than the FMV, you would use the adjusted basis,
Also you may increase the basis by the amount of gift tax paid (if any) at the time of the gift. You do not need to report the proceeds given to your siblings because the details of the distribution were outlined in a will and will be treated as an inheritance to them.
Just an FYI, the basis that your siblings will report on their returns is the FMV amount on the date your father passed. The basis amount will be split evenly amongst your siblings. When you report your share of the proceeds, you will need to use the 2008 amounts as I described above to report your sale. Be sure though to list any improvements made throughout the years since 2008 so you add this to your basis to lessen the overall tax impact on your return.
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