Hal_Al
Level 15

Deductions & credits

Who got the money?

 

If your parents  kept all the proceeds, then they report all the capital gains on their tax return (they may be eligible for the home ale exclusion). 

 

If you did get some of the money, you need to report your share of the capital gains as income.

 

References:

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-parents-home-...

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-parents-home-...