My dad left his half of my parent's house to the kids, and provided life use for my mom. The house has now been sold, and my mom recieved a 1099-S for the remaining value of the life use of the home. Is this taxable income, and if so, where/how do I report it in Turbo Tax premier?
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Your mother can claim the lifetime exemption for the sale of her personal residence if she qualifies - It sounds like she would. It has to be reported, but just treat it like the sale of a personal residence. To enter in TurboTax, type "Sale of home" in the search window, and hit enter. Then hit "Jump to sale of home".
Your mother can claim the lifetime exemption for the sale of her personal residence if she qualifies - It sounds like she would. It has to be reported, but just treat it like the sale of a personal residence. To enter in TurboTax, type "Sale of home" in the search window, and hit enter. Then hit "Jump to sale of home".
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