My brother and I recently sold my parents home. It was deeded into our name back in 2008. We had a living will that my dad would live there as long as he wanted. We lost our mother back in January 2017 and Dad decided that he wanted us to sell the house. We did sell it March 30,2020 and he gave the money to my brother and I to be split equally.
The house was purchased back in 1976 for 20,000 and we sold it for 100,000.00... We have improvements on the home for 34,700.00
Do we have to pay capital gains on the house and also does the capital gains have to be paid within the first quarter of receiving this money?
