My parents purchased a home back in 1988 and it was their primary residence. They put my brother and I on title to the home in 1999 and put it in a life estate. Both parents have passed away and my brother and I just sold the home this month. My question is how is this taxed ? I know it’s capital gains but is our cost basis what my parents paid for it in 1988 or is it the value of the home when we were added to title in 1999? Thanks
