Real Estate provided for parents

[daxbucciero]

My husband and I purchased a condo for my elderly parents to live in until they died. Parents are not on deed and did not pay anything. We paid all costs to purchase, utilities, upgrades, etc. We sold the condo in 2024 for a profit. We’ve never deducted or depreciated anything on this property. What deductions can I use? 

[DavidD66]

There are no deductions, except any sales costs you incurred like advertising, cleaning, closing costs, etc. (actually those are a reduction of proceeds)  Your gain will be taxable since it wasn't your primary residence.  You'll have to settle for being a great daughter!