Cost Basis for "second home"

jrnovak01 — Tue, 15 Feb 2022 16:57:20 GMT

In 2017 I took ownership of my parents home for estate planning purposes with the idea that they would live there until they passed on and then I would sell it. In 2021, my father passed and my mom didn't want to live there anymore. I therefore sold the house and gave her the money from the sale, which she then used to purchase another home. Now, as I try to do taxes for 2021, and not wanting to have to pay several thousand dollars in taxes for a home that I literally received $0 from the sale thereof, I am trying to figure out what to do. Is my cost basis for the home $0 because we literally just transferred it over to me? Is it the market value of the home at the time of the transfer? Am I entirely missing the boat and not thinking about something I should be? Thanks in advance for any and all advice.

Re: Cost Basis for "second home"

Anonymous_ — Tue, 15 Feb 2022 17:38:43 GMT

Duplicate.

See Cost basis of "second home" (intuit.com)

Re: Cost Basis for "second home"

HelenC12 — Tue, 15 Feb 2022 17:39:22 GMT

Please clarify. When you say you took ownership, does that mean the title or deed for the home was transferred to you and the paper work filed with a government agency?

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Cost Basis for "second home"

Re: Cost Basis for "second home"

Re: Cost Basis for "second home"