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Deductions & credits
You do not report a gift received (assuming this was done in the US). Gift givers may need to pay a gift tax, the gift recipient does not pay or report anything.
When you sell the house, you will report the sale and use the cost basis of the house as what your mom paid for the house since she gifted it to you shortly after the sale.
Your mom will need to report this using form 709 since the house likely cost more than $16,000.
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‎February 28, 2023
9:49 AM