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Get your taxes done using TurboTax
@debruss127 wrote:
Hello,
Hi,
Our parents purchased in 1995 and the deed was placed in my brother's name from the start.Mom passed in 2012 and Dad in 2020.The home was my brother's main residenceThank you,
Based on this information, your brother is the sole owner and is solely responsible for the capital gains tax.
Any money transferred to you is a gift.
When a gift is larger than $16,000, a report must be filed by the giver with the IRS, a form 709 gift tax return. Actual payment of gift tax is not required unless the giver's lifetime gifts are more than $11 million, but the report must be filed. This will also be your brother's responsibility. Form 709 will be due the same date as a regular tax return usually April 15 of the following year) but it is separate from the regular tax return. Turbotax does not prepare form 709.
‎December 15, 2022
10:12 AM