OK, the home was gifted 1/2 to me and 1/2 to my brother-in-law. I was told by my brother-in-law that his cpa said that turbo tax can't figure the deductions. The deductions were the payoff of the reverse mortgage of $54K which my brother-in-law got my mom to take out end of life. We had paid a total of $5600.00 pretaxes which was split between the 2 of us. The title company deducted that and paid IRS, there were R.E. fees can't remember the exact amount off the top of my head; roof repairs $5400.00; other repair costs of approx $6400.00.
I received from the title company a 1099 (or whatever the form number is for the IRS ??) total of $60K 1/2 of the sale of the house total of $120K. We actually received a check after all of the bills and reverse mortgage pay off totaling $24K.
Where do I go in Turbo tax to fill in all of this? Or is my brother-in-law right that I can't do it in Turbotax?
