My father named myself and my sister, along with himself on a quitclaim deed for his home in 1997 (he did this without our knowledge). The house was originally purchased in 1979 for $59K. This summer when dad passed away my sister and I became the owners of the property through right of survivorship we sold the property for $205K. We don't know what the house was worth in 1997. Is this still considered a gift and how do we calculate the basis?
