My father inherited a property as part of an estate after my grandmother passed away. Then maybe a year later he gifted it to me. I've had it longer than a year. How do I calculate the capital gains owed if I sell it and what the cost basis is, etc? I am very confused on how this is calculated.
Based on this being a United States question:
My father inherited a property as part of an estate after my grandmother passed away.
That means that the value of the property is stepped-up to the current value at the moment of the inheritance. Any tax issues related to the inheritance are handled by the estate, and not by the person who inherits the property.
Then maybe a year later he gifted it to me.
This is a gift. So there are a couple of things.
The value isn't stepped up again. The basis of the property is the value from the inheritance.
Your father may have had to document the value on their tax return. They gave you a gift, and if it was more valuable then the annual gift exemption then they either paid a tax on the gift, or they claimed the gift against their lifetime exclusion. There are ways to bundle the gift to reduce the impact. If you are married, and your dad is married then the annual exemption is essentially quadrupled. But this is their issue not yours.
I've had it longer than a year. How do I calculate the capital gains owed if I sell it and what the cost basis is, etc?
This depends on did you live in it as your personal residence. If you did for two years then some or all of your gains could be tax free. If you didn't have it as your principal residence, or you rented it out, or somebody else lived in it there will be tax on the gains.
I assume that all the proper forms with the local government were done, so the ownership can be documented.