Could you help with my gift of equity for taxes
Mom passed in 2019, brother and I inherited property. I have lived in home since 2020. My fiancé purchased property from us to mainly buyout my brother as banks don't like to loan on 50% ownership purchases.
Retrospective appraisal date of death 200k
Sales price was 280k
I gave 90k gift of equity and received 39k after closing expenses/sellers credits
My brother received 139k after closing and sellers credits.
Both received 1099s with 140k proceeds.
