Hello, My mother passed away in 2021. Our home was under a life estate. My father and mom, with my 3 siblings were all on the home. We in turn removed my parents names from the home, so all that remained on the property/home was myself an 3 siblings. I wanted the home, so I agreed to pay them off for there portion. Now that is completed, how do I enter this on my tax filing for 2022? I really want to complete this thru TurboTax myself, but l’m not quite sure how this will work? My siblings have all completed their quite claim deeds, so again their names are no longer on title. I was told by an friend that you’ll need to show you sold the home, but then, you bought it back creating a wash. This would then show the IRS the transaction occurred and should be ok. I’m just not sure how that works when entering data on TurboTax and if there is anything I need to file with my county of residence, state or federal? Please help, so I have a direction on how to proceed and prepare. Thanks Jeff
