Hi Guys
I have question ask future tax's I may have to pay with 1099s. I was on deed with my Mom for couple years . She was 92 passed Nov 8 2023. Sold the house May 2 this year. I did share half the sale with my older brother . House was only under my name after mom pass. No Will Mom had . I took care of her since 1992 Dad passed. Over last couple years Wife and I took turns living there to take care her. She refuse to leave her home. Refuse anyone outside care too. We could not trust her alone . Tries several times for her move into our house refuse up to last day.
My question is could I use that exclusion to help lower some gains tax? I paid all tax on property for last 4 years and helped with all utilities cost ect.. Before sold house replaced costly HVAC and hot water tank . Also upgraded few things help sell house. I tried running few things with last years Turbotax software to get idea . I been doing my own tax's with small business software for years no problems 68 retired but still work. I am not sure how to go about all this for next year. I know I have paid just want know if any this would lower it. Mom and I 3 years ago talked about her adding me to deed to avoid paying more taxs.. Then i hear about 1099S taxs after shes gone and house sold. Thank you for any help or ideas.
