Deductions & credits

You might want to consult with an estates and trusts attorney in your area in order to get more options specifically tailored for your situation. 

 

See https://www.avvo.com/

 

 


@julypilot96 wrote:

....Or because I'm also on the deed, will I get stuck with half the taxes?


As it stands, with just the information provided, you will get stuck with half of any gain. Assuming your father passes first with you also on title, only his half (which you stated you will inherit) will get stepped up to its fair market value as of the date of his death. The basis in your half will continue to be your cost plus any improvements made to the property.