- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Yes, you can. TurboTax can handle the sale.
First, though, was this house a primary residence for you and/or your brother since 2007? If it was then you can enter it into TurboTax as a sale of a primary residence.
If it was not OR if it was but it has been more than five years since it was a primary residence then you will have to sell it as the sale of a second home. All of the gain on the sale will be taxable.
Because your mother quit claimed the house over to you in 2007 the value that the house has - referred to as your basis - is the value that your mother paid for it when she originally bought it plus the cost of any major repairs or renovations or additions since then. You're going to enter this basis amount into TurboTax in order for the system to be able to figure out how much gain you have on the sale of the house.
**Mark the post that answers your question by clicking on "Mark as Best Answer"