Maybe, but there are a few things to consider. Given that when your mom paid off your mortgage, and removed your name from the property deed, we assume that your mom is now the legal owner of the property. In other words, her paying off your mortgage was not a gift per se, as it appears she did receive something of value in return, namely she is now the legal owner of the property and you are not. Because you received the same value (the pay-off of your mortgage) for what you gave up, your home, there is no gain to report. However, you do need to report the transaction because you did receive a 1099-S reflecting proceeds of $95,000.
Given your factual scenario, when you are ready to report this transaction on your return, reflect the basis and the proceed amount as the same. As a result, this transaction will not incur any tax liability. However, there is another consideration here that may impact how you report this transaction.
If the value of your home was worth more than your mortgage, your mom arguably received a gift from you to the extent the value of the home exceeds the mortgage. In other words, your mom was able to obtain full ownership in your home for less than what it was worth. If you are not expecting anything of value in return for what you gave up, then you gave a gift to your mom. In such circumstance, it is not your mom that has to be concerned with the gift tax, but you. You might consider checking on the value of your home, or recent similar home sales in the area, to get a better idea as to what your home is worth. Once you know the value of your home, you will have a much better idea as to whether you gave a gift to your mom, and if so, how much.
TurboTax does not support Form 709, United State Gift Tax, and thus, if you need to complete such form you will need to download it from the IRS website.
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