@didi wrote:
My siblings and I sold the home of our deceased father. Will it be necessary for us to claim the money from that sale as an inheritance or as capital gains income? The proceeds were split between the four of us.
With very limited exceptions, an inheritance is not taxable to the heirs for federal income tax purposes.
You father's home would receive a step up in basis to the fair market value on the date of his death. Therefore, unless there was post-death appreciation, there should be no gain to report.
