Hello,
My parents bought their house in Dec 1993. In Aug 1996, they added my brother and I to the house title via a quit claim deed as joint tenants with rights of survivorship. My last parent passed away in 2024 and my brother and I sold the house in April 2025. This was never the primary residence for me or my brother.
My understanding is that we have to pay long-term capital gain taxes.
How do we correctly calculate the long-term capital gain?
Do we need to find out the appraised value of the house when the deed was changed in Aug 1996?
Is the correct calculation: Sold Value in April 2025 divided by 2 (my brother and I) - Closing costs in April 2025 divided by 2 - Home value in Aug 1996 divided by 2?
Thanks
