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We are wanting to know if we will have to pay taxes on the proceeds of the house.
Unfortunately, the answer is yes, capital gains taxes would be due on the difference between what parents paid for the house and any improvements over the years and what it is then sold for. This is because when someone gifts real estate to another person, the recipient takes the owner's "cost basis" as their own and then when they later sell it, they have to pay capital gains on it.
So for example, if they bought the house for $30K 40 years ago and put an addition on it later for $10K, then their basis is $40K. So if it was gifted to you and siblings, then that is your cost basis as well so if you sell it now for $100K, you would have $60K of taxable gain at long term capital gains rates that would vary based on what income bracket you are in.