Some things that can matter here that I just mention "just in case" it matters.
Did you inherit the property and then sell it "after" you obtained legal title to it? Or was is sold by your parent's estate?
Typically, an inheritance isn't taxable or reportable on the federal tax return. However, if you sell the inherited property you may be required to report that sale - especially if sold at a gain. But determining gain or loss depends on the cost basis of the property.
For inherited property the cost basis is the FMV of the property on the date of their passing - not the date you acquired legal ownership.
For property you gained ownership of before they passed, that's usually considered to be gifted property. Figuring the cost basis for that is a bit more involved, as a step-up in cost basis does not apply in such a situation.
If the property was sold by the estate, then in most situations there's a step-up in cost basis for the estate. Now while I"m not sure on this, but it may matter the type of estate too. For example, a life-estate created before they passed may (or may not for all I know) have an effect on the cost basis after they passed.
