When my father died I inherited the house along with my son and my brother. I bought out their 2/3 of the house and it was deeded to me. Know my brother wants to by it back from me. Will I have to pay any taxes again? We paid inheritance taxes based on the property tax value when my father died. Which is $20,000 more than what I will sell it to my brother for. If I sell it to him will I have to claim anything on my taxes for selling it to him?

The payment of the inheritance taxes was a transaction separate from your purchase.

When you bought them out, you made a purchase of a capital asset. The purchase price, combined with one-third of the Fair Market Value of the property at the time of your father's death, established the basis for the property.

Once you sell it to your brother, that sale must be reported on Schedule D on your tax return. You will pay capital gains on the $20,000 in gains you realized on the sale, probably at 5%, but NO MORE than 15%.

It sounds as if the sale price to your brother may actually be $20K below your cost basis, assuming that the amount you previously paid to your brother and son when you bought them out was equal to the fair market value as reported for inheritance taxes. If so, then you still report the sale on Schedule D but since you can't take a loss on the sale of personal property you show the loss as $0. No taxes due.