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Deductions & credits
Thanks for step b step "if your name was on the deed. Mom deeded the house to 4 0f us but keep her name on the deed as Grantor/grantee. She is in a nursing facility and we sold the house. Her one fifth took a loss due to added value. However, the value of the home when gifted in 2004 and the appraised value at that time (taking 1/5) each was lower than 1/5 of the added value used for Mom. As I read the IRS reg, we take the lesser value. leaving us some capital gain. However the Total sale was 104 K give or take a few $s. Comments welcomed
March 7, 2020
4:45 AM