You nailed it with the last one. Unfortunately, because the contract was entered into before your parents passed, you do not qualify for the increase in basis that you would get for a primary residence when someone passes. Instead the basis transfers to you and your brothers and you will enter the information using your parents 2020 tax return as a guide.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
