Determining Tax Implications on sale of home

[anthonyr01]

A deed of a home contained the parents as parties of the first part and 3 decedents as parties of the second part, which contains the following "convey and confirm unto the said parties of the second part, their heirs and assigns, as joint tenants with the right of survivorship and not as tenants in common". The parents passed away in 2020 and deed was transferred to the second party, the decedents sold the home in 2022. How is the gain/loss on the sale of home determined? 

[ThomasM125]

The basis of the home to the decedents would be the fair market value when they took ownership of it. So, the gain would be the sales proceeds less the fair market value on the date they inherited the property.

[Mike9241]

can't be sure because I can't see the entire wording of the deed but that wording seems like the parents conveyed absolute ownership to their descendants prior to their passing. if this is true then there is no step up to date of death value because they didn't own it when they died.  if ownership was passed before their death then the heirs' basis is the parents' basis.