When you inherited the house your basis will be the stepped up value of the home at date of death.
One way to value the property is to look at the county records. Generally they will list the ""RealAVM"" of the home every year. If you can not access this information your Realtor should be able to offer some assistance.
If you can not arrive at a value then you know the FMV of the home in 2012 and you know the FMV for 2020. Under these circumstances the IRS should be satisfied with any reasonable method to determine the FMV for the date you inherited the property.
Long-term capital gains are taxed at the rate of 0%, 15% or 20% depending on your taxable income and marital status.
It may be you will not have any capital gain for this sale. (review your state for their capital gain rate) For single folks, you can benefit from the zero percent capital gains rate if you have an income below $40,000 in 2020. Most single people will fall into the 15% capital gains rate, which applies to incomes between $40,001 and $441,500. Single filers, with incomes more than $441,500, will get hit with a 20% long-term capital gains rate.
You will need the 1099-S and the HUD-1 closing statement in order to report the sale.
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Tax Aspects of Home Ownership: Selling a Home - TurboTax ...
