My parent purchased a condo in March 2009. They gifted the condo to me in Oct 2010. I sold the condo in Sep 2016. I do not have information about my parent's/donor's purchasing agreement. I think they purchased it at $270,000 but do not have other cost information. I have their "gift tax return". The gift tax return shows Donor's adjusted basis of gift is $350,000.
1. On my 2016 return, what is donor's cost basis? $350,000?
2. On the final settlement, I added back mortgage balance repayment and state tax withholding to the net proceed(the amount I actually received? What typical items should I add back to get net proceed amount to calculate gain/loss ?
3. Turbo Tax shows I have short term gain. Why? I have been holding longer than one year.
4. Can loss from sale of second home be carry forward/back?
