Hello,
Last year, my brother and I sold our parents house since both have passed. My Dad had done a quit deed in 2008 after my mom passed and the house was in my brothers and my name on the title since 2008. My dad purchased the house for $28000 back in 1977 and we sold it for $130000 last year. My brother and I both split the funds to about $64000 each. How would this play out in filing my taxes this year please? I've heard or read that the price difference of the house is based on when the house was transferred in 2008. I read that an CPA would have to figure what the price was in 2008 of the house and then calculate the difference based on the selling price in 2018. For example if the house was worth $120,000 in 2008 and we sold it for $130,000 in 2018, my and my brother would be paying taxes on the $10000, so $5000 each. Is this correct, just trying to figure all this out. Thanks in advance.
