An estate planner would be the best consultant rather than a CPA. Working out the dealings within a family estate is the work of estate lawyers and an estate attorney would be able to assist in how best to avoid tax consequences. You will need a lawyer in any event to draw up the documents dividing the inheritance between you and your siblings.
How to find an estate lawyer You may want to post your question
HERE. At that site, you will likely get an answer from a lawyer that can fill you in a bit more.
Some things for you to get together:
What is the equity in the home? Equity is the amount of the base price that is paid already by the homeowner. Another way to look at it - How much is still owed on it?
Once you establish the difference between the current value of the home and deduct the amount to be paid, you can establish how much each person should receive.
After doing the math, you may find that it is very much in your interest to do the division of the money after the sale. If you divide the estate and take ownership by paying off your siblings, you may find that you lose money in the long run by carrying a second home (assuming you'd need a mortgage for the cash settlement with your siblings), having additional tax burden by way of rental income, and also run the risk of miscellaneous repairs and improvements required for the eventual sale.
All in all, in today's market, you may want to strike up the deal to sell the house WITH your sisters so that they also have to contribute to the operating expense until the sale.
It would all be different if you were going to assume the home as your primary residence... that would limit your tax exposure a great deal and put you in a good position to get a low rate mortgage to settle with your sisters.
In any event, hopefully this is helpful, but best to speak to a lawyer that can advise you on the specifics involved. (get your sisters to split that expense either up front or after sale of home from each person's profit.)
