How do I report taxes for 2025 on the sale of a secondary house with the following details:
The house was bought by my parents for $116,500 in December 1993 and was registered in their name. The deed by modified in August 1996 via a quit claim deed and my brother and I were added to the house title as joint tenants with rights of survivorship. The grantee (my brother and I) paid $10 for the transaction.
My father passed away in July 2024 (House FMV in July 2024: ~$570,000) and my mother passed away in December 2024 (House FMV in December 2024: ~$595,000). Both of them lived in the house until their death. My brother and I lived in our own houses.
The house was sold by my brother and I in February 2025 for $595,000. The remaining amount after closing costs was $544,249.
