@Pa8
You haven’t mentioned whether you lived in the home as your main home, or whether you have used it as a second home, or have rented it out. As mentioned by the other experts, you would also need to know the exact wording used when you were added to the deed.
You do not owe an inheritance tax. However, you owe capital gains tax if you sell the property for more than your adjusted cost basis. If you have lived in the home as your main home for at least two of the past five years, you can exclude up to $500,000 of the capital gains from taxation if you and your spouse file a joint return. If you did not live in the home as your main home, you will owe tax on the entire capital gain. Calculating the amount of the capital gains will require knowledge of your adjusted cost basis, the exact wording when you were added to the deed, any business or rental use of the property, and the cost of any permanent improvements such as a new furnace or new roof. Calculating your cost basis may also require knowledge of your mothers original purchase price, and the fair market value of the property on the date your father died and on the date your mother died.
