When my father passed away, my mother bought a condo for $109,000 in 2001 and my name was added to the deed at that time, although I never lived there. (Mom lived in Ohio and I in PA.) She sold it for $87,000 in 2016, a net loss of $22,000. We both received checks for $43,5000. I can't find a TurboTax form to indicate the partially gifted asset loss. (I did find the "second home received as a gift" under the Investment Income in Wages and Income section, but it only allowed me to take the total asset loss - which was OK federally - no taxes, but when I started the out-of-state Ohio tax return, I saw I owed $620 in taxes.) Where can I find the federal, OH, and PA forms for partially gifted assets?
There is no particular form for your situation. Your basis in the property is half the original purchase price and a loss for you of $11,000. Report your half of the transaction under sale of second home for federal purposes. Since the sale was a loss, if you have no other sources of Ohio income, there's no need to file a return for that state. Since this is a personal loss, the loss will not lower your taxes.
There is no particular form for your situation. Your basis in the property is half the original purchase price and a loss for you of $11,000. Report your half of the transaction under sale of second home for federal purposes. Since the sale was a loss, if you have no other sources of Ohio income, there's no need to file a return for that state. Since this is a personal loss, the loss will not lower your taxes.