When should the sale of a house, we didnt live in, be claimed on federal taxes?

We purchesed my deceased parents house for cash in 2015 for 16,298.08 . We sold it late 2024 for 120,000. Do we need to pay any federal taxes on it for 2024. I read on this website, if its not over 500,000 (married) we dont have to pay taxes on the sale. Can anyone clarify this for us? Thank You