My husband and I bought a home in 2003 for $145,00 and have allowed my sister to live there for years due to the fact that she could not afford a place of her own. The house was never rented to her and we did not make any income from this house. We have now sold the house to her and also gave her a joint gift of equity of $30,500. We sold her the home for $152,000 minus the $30,500. How do I go about filing my 2019 taxes on these 2 events. Will both my husband and I have to fill out a form 709 with the split amount or can that be done on one form? Also how do I complete the sale of the house? Will the sale price be the appraised value or sale value?
