To answer your question how much of the house basis will step up.
As the property was held as JT each of you had an equal basis in the property. When your father passed away his basis was increased to 50% of the fair market value (FMV) on the date of his passing. For example, if you purchased the property for $100000 then your basis would be $50000 each. If the FMV at the time of your father's passing was $150000 his basis would be increased to $75000. @jtax
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