Even though you were added to the title in 1999, your parents retained a life estate, which means they kept the legal right to live in and control the property until their deaths. You had a future interest in the property, not full ownership.
Because of the life estate, you get the step-up in basis to the fair market value at the date of the last parent’s death, which significantly reduces or eliminates capital gains tax when you sell.
@MWQ Thanks for the question.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
