What kind of taxes would I pay on a condo that was put in my and my sister's name years ago, but our parents continued to live in it and pay the taxes, etc. They are now both deceased (2009) and we sold the condo in 2011. The house sold lower than the estimated value. The house was totally paid for and my sister and I split the proceeds from the house. Do we have to pay taxes on the sale of the house?

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Originally Posted by cmaimon

... Do we have to pay taxes on the sale of the house?

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Perhaps. Long term capital gains (income tax, but at a 15% rate) upon what you sold it for less what it was worth when your parents gave it to you.