Great question! You'll be taxed on the "capital gain," which is gross proceeds minus your basis. "Basis" just means sunk cost in the home (for example, the original purchase price or repairs).
If your mom gifted you the home in 2000, your basis in the home is whatever your mom's basis was right before giving it to you (split three ways). The substantial renovations you made can be included in your basis as well.
You can also subtract any closing costs associated with the sale, such as commissions or title fees.
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