- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
It seems likely there is more to the situation than what you have told us. What was the purpose of the gift? What was the house used for after it was gifted to you? Did his parents continue to live there after it was gifted to you.
There could be a Life Estate involved or other things, which will change how it is treated on the tax returns. Depending on the circumstances, you may consider a good tax professional to look at the situation.
‎December 12, 2020
9:20 AM