Please Help!
I need help and am a total newbie to doing taxes, so I need this as plain as possible.
I was quit claimed my childhood home 3 weeks before my father's passing in 2019. the house was originally purchased in 1972 for $25K by my parents. My mother passed in 1979 and my father continued to live in the house until his death in 2019. In September of 2019, my father sensing something wasn't right with his heath quit claimed me the house and then the next week went into the hospital and passed away just over 3 weeks after he signed the paperwork. He left a will to sell the house and divide the house equally amongst my siblings.
The house sold in January 2021 for $466K . I received a IRS form 1099-S and am attempting to file my taxes myself this year. I am married filing jointly. I have tried to research the answer myself, as well as reaching out to several CPAs and spoken to a few estate attorneys with zero luck as I received multiple answers which I don't know who to trust so here I am posing the question to you all. Is this a gift? an inherence? or neither?
At the time of his death my father was renting out a room where the renter continued to live until about 6 months before I sold the house. Please help as this is causing drama with my siblings as they are asking for their share of the proceeds, which i haven't given them anything until I can figure this situation out.
I am totally confused and am way over my head so if you can help I would be so grateful.
