Selling Mom's House

[Rogerthat]

My Mother moved into assisted living in 2011 a year after Dad passed and she passed in Sept of 2019. Thier house was rented from 2012 to 2017.  After that it was kept empty and maintained as a asset to sell when she needed the money. It was sold for that reason in Feb 2019. I need to report the sell and square up any taxes owed, although with the cost of basis it won't be much. I think I should file a schedule E, report no income or expenses for that matter and report the sale. Does anyone agree or disagree. Let me know and thank you in advance for any help.

[AmyC · Accepted solution]

Due to the dates, I would just do a sale of business asset. If you had sold it in 2017 with the personal and then conversion, schedule E would be convenient. However, since it is 2019, I disagree. Since it sat empty, it feels more like a second home at this point but can NOT be entered as such.

It needs to be reported as a sale in Sale of Business Property. Follow these steps:

Federal

Wages and Income

scroll down to Business Items

locate Sale of Business property 

start

Any Other Property Sales?

Select the top Sales of business or rental property that you haven't already reported

Continue

Sales of Business or Rental Property, select YES

Sales of Business or Rental Property

Enter your information

[Rogerthat]

Thank You AmyC. Worked out well.

[AmyC]

 I am sorry for your losses and glad I was able to help.