topic Sale of moms house in Get your taxes done using TurboTax

Sale of moms house

DWinn1 — Fri, 31 Jan 2025 16:27:13 GMT

My mom's house was gifted to me approximately 10 years ago. She and my brother lived in the house, it was never my permanet residense. Mom maintained the house and paid for all the improvements. After her death the house was sold for 270k with me gifting my brother 135K and me getting 135K off the sale of the house. It was not a 'rental" and I don't know where to or if I have to document this sale on my taxes.

Re: Sale of moms house

RobertB4444 — Fri, 31 Jan 2025 16:48:50 GMT

Yes, you do have to report it and you are going to pay taxes on the money that you received.

You should receive a 1099-S in the mail that details the amount that they sent you.

In TurboTax you will enter the sale in the 'Wages and Income' section. Scroll down to the bottom where it says 'Less Common Income'. In there it has an entry for 'Sale of Home'.

Click start next to that and the system will walk you through what you need to enter for the values of the sale.

Since your mother gifted the house to you while she was still alive you will enter the amount that she paid for the house as your 'basis' or the amount paid for the property. The date of purchase should be the date that she gifted it to you.

@DWinn1

Re: Sale of moms house

DWinn1 — Sat, 01 Feb 2025 13:24:32 GMT

I will not be receiving a 1099-s according to the Mortgage company/Bank.

Re: Sale of moms house

DianeW777 — Sun, 02 Feb 2025 19:37:20 GMT

It's not important to receive a 1099-S for this sale. As indicated, you will use the the amount your mother paid for the house as the cost, which includes any capital improvements she may have made or that you paid for after the gift. Date of purchase is the date your mother gifted it to you.

The gain on the house will be capital gain and you will report it using the steps below.

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

Open or continue your return.
Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
  - Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

@DWinn1