You'll need to enter the $140K on your tax return. Your basis in the property - or the price that you paid for it (technically) - is 100K which is half of the appraisal at your mother's date of death. So you will owe tax on that 40K profit minus the costs of sale. Your brother should do the same in order to pay tax on his proceeds from the sale.
If you do not want your brother to be taxed on the proceeds then you will need to include the entire 280K sale on your tax return and pay taxes on the 80K in profit, less selling expenses.
For your brother you will need to file a gift tax return. You are allowed to give away up to 13.61 million dollars in your life but without the gift tax return being filed the IRS will have no way to know that your brother does not owe any taxes on the amount that he received. You would include the 90K in cash that you gave him as a gift as well as the $140K if you are including that on your tax return.
TurboTax does not have form 709, which is a gift tax return, and the form can't currently be e-filed with the IRS so it will need to be mailed.
Here is a link to the form.
@Jsherron85
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