In 3/2004 a Deed for a property lot was recorded: "hereby GRANT(S) to Owner#1, Owner#2, and Owner#3 all as Joint Tenants". The lot was purchased by Owner#1 for $32,500. I am Owner#3 and paid nothing from 2004 to date. In 2016 Owner#2 passed away. In mid 2021 Owner#1 passed away. In late 2021 I attached Affidavit of Death for both Owner#1 and Owner#2 to the Deed. I sold the lot 2/2022 for $48,500 as I have no use for it. I'm assuming this is a Capital Gain for me, and since I was technically an "Owner" from the start but didn't pay anything - I don't have any Cost Basis. So, my "gain" doesn't have any offset and would be the full $48,500 ? As you can probably tell, I'm not particularly financially savvy and am looking for advice on this topic. Thanks.
