If your parents gave you the house in 1992, your problem is worse than you think. The basis for the sale is not the fair market value in 1992. The basis is what your parents paid for the house when ever they bought it, plus the cost of any permanent improvements that were made since then, and minus any depreciation that was claimed due to business use of the home, such as a home-office or rental property.
The price that your parents originally paid can probably be found in the county records. The amounts that you or your parents paid to make permanent renovations and improvements will probably only be in your own records or your parents records.
Your taxable capital gain is the difference between the selling price and the adjusted cost basis. It doesn't have anything to do with the amount of cash you actually received. For example, if your parents paid $10,000 for the house, and it was sold for $200,000, then you have a $190,000 gain. Even if you only took out a fraction of that because there were equity loans on the property.
To report the sale and any taxable profits, you will go into TurboTax on the income page under sale of stocks, bonds, and other assets, and choose "other asset" as the type of sale. Do not use the section for sale of a home, or sale of a second home, unless you actually lived in the home as your personal home.
Each sibling would enter 1/5 of the cost basis and 1/5 of the sales price to calculate the gain. Again, this may have very little to do with the amount of cash actually taken out.
Note that if you cannot prove the original cost, or the cost of permanent improvement, and you are audited, the IRS will not give you any cost basis you can not proof, and may assess tax on a higher amount of capital gains.
Giving a house to children is usually very bad for tax purposes, and if your parents took out mortgages or home equity loans, they may have done you great financial harm. Depending on the sales price, and what you can prove as your parents original cost and modified cost, you might owe more taxes than the amount of the sale proceeds. Hopefully not. You may want to seek professional tax assistance.
