Yes, your Cost Basis would be the FMV at the date of death; and, since you indicated that a Life Estate was set up on the deed, the basis of the property is stepped up to its full fair market value upon the passing of the last life tenant.
However, if your parent is still also on the deed, the proceeds you received may be considered a 'gift' to you and the parent reports the sale on their return. This can get complicated; it's good that you have an attorney on board to advise you.
Here's more info on Sale of Inherited Home and more discussion on Sale of Home with Life Estate.
@jrd3
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