How do I determine capital gains on an inherited rental home?

[Jackie Dickson]

Several years ago, I inherited 50% of my family's home. The other 50% went to a relative. We held this as a rental. It was owned jointly in our names, and the rental activities ran through a partnership LLC. I was not seeing much cash flow at all, so I asked to be bought out. I received a sum of money, signed off, and the deed transfer was recorded with the county (I am in Ohio).

My question is three-fold:

1. What documentation will I need to provide to my CPA for this transaction?

2. I assume this will be considered long-term capital gains. But since this was inherited AND I held 50%, how will my cost basis be determined? Will the entire sum be taxed at the long term rate? The home was built by my family around 1970 and has never been sold.

3. I was bought out mid-2016. Will I need to file a Schedule K with my tax return for 2016?

I guess that's really 4 questions. LOL! I am trying to determine how much I SHOULD have left to move on to other investment activities, and I appreciate any (unofficial) input. I can afford some difference in my calculation, but I can't afford a multi-thousand dollar swing, so I'm trying to educate myself here. The law/CPA firm that handled the transaction was fairly rude to me when I asked for an estimate of the cost basis, saying that they "provide that information for clients"(I guess that several years of business returns and accounting didn't count as being a client). I'm hoping I don't have to go back to get information from them...

Many thanks in advance!!