capital gains on parents home

[remyzer099]

Hi all. 

My parents bought their house #1 in 2015 for 400K. Last year they sold house #1 for 550K and bought house #2 for 800K. In both transactions, the houses were listed under me and my brother since my parents wish to pass the house on to us. 

My question now is:

1. Would my brother and I have to owe capital gains on the 150K? If yes, how do my brother and I report it? 

Thanks in advance!

[DoninGA]

What do you mean by listed?  Whose names were on the actual deed for home #1 when it was sold?

[fanfare]

them having put you on the deed is costing you money in the future.

It is better to in inherit the property via their will.

[remyzer099]

sorry for the lack of details. The deed for house #1 was listed under me and my brother. same with house #2 

[DoninGA]

My parents bought their house #1 in 2015 for 400K. Last year they sold house #1 for 550K 

How could your parents sell the house if their names were not on the deed?