You (and the three others that you split with) are each going to enter one fourth of the sale onto your tax return. You will input the sale and then the value of the money received at one fourth and the value that was paid (the basis - which in this case is the value of the house on the day that your parents passed away) for the property. If there is a profit showing at that point you will pay taxes on the gain.
Here is another example
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