If the title company is right, it sounds to me like you inherited a 1/6 share of the house from your father when he passed in 2002 (1/3 of the half that you split with your brothers).
Mike9241 thinks the title company might not be right. But it sounds like the sale has already closed, and you were treated as a 1/6 owner, whether that's right or not, and you received 1/6 of the proceeds from the sale. The simplest thing for you to do is go along with the way the sale was treated, whether it's right or not. Your basis is 1/6 of the fair market value on the date of your father's death. Even if you had the property tax assessment, it's not a reliable source for the fair market value. And of course you cannot rely at all on what you think the value was. A professional appraiser can give you a retroactive appraisal. Your brothers and stepmother will need it too.
@1oddmanout wrote:
There's no personal issues, we just don't know how to report; cap gains or plain inheritance.
It's not a "plain inheritance." You didn't inherit anything in 2022. Nobody died in 2022. Either you inherited your share in 2002, or you never inherited anything at all. If you did inherit it in 2002, it's a sale of an inherited asset, and the profit is a capital gain.
If it's a capital gain, you report it in TurboTax as an investment sale, like selling stock. It will be a long-term capital gain. For the date acquired you can enter "Inherited" instead of the actual date. For the description you can enter "Inherited house."
