Note the basis gets "stepped up" to the FMV on date of death on any inherited asset that the decadent "owned" when he or she died. So if it was joint property, the ownership interest is usually 50% getting a 50% step up.
If the beneficiary or estate spent money for the sale (commissions, new paint, utilities), there is a good change that will add to the basis (thereby creating a loss). But that is complicated for inherited properties and you are best off asking the advice of your estate attorney or a CPA or enrolled agent who specializes in this area (not a general practitioner).
If the property had been gifted and not inherited (as is sometimes the case) there would be no step up. Even just putting someone on a deed couple be a gift depending upon state joint tenancy law. (Again seek the advice of an attorney in that case.)
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