Real Estate Law
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When parents signed over the house, you would have taken it at their "basis" for taxation purposes, which is what they paid for it plus any improvements over the years.
Unfortunately, the only way to decrease any long term capital gains taxes that are due would be if you or brother lived in the house for at least 2 out of the last 5 years..
You might be able to postpone any capital gains taxes if you did a 1031 like kind exchange where you put that money into another investment property, but that is about the only other way to defer any taxes for some time.
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