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Do I have to pay taxes from selling inherited property?

My brothers and I inherited my parents condo. We are closing on the sale of it a week from Friday. Does anyone know what the tax liabilities are?

For starters, you never said how long you have owned the property. Also, you never said whether you are currently living in the property.

If you have only owned it a short time regardless of where you live, there won’t be much difference because your “basis” in the property was adjusted to fair market value at the time you received the inherited property. If you have owned the property for more than two years, and this has been your primary residence for 2 of the last 5 years, then you have up to $250,000 each (assuming you file single) of gain that can be excluded under Sec 121. If you have owned it more than 1 year and this is not your primary residence, then you will capital gains tax (15%) but this depends on which tax bracket you are in.

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