I was gifted a house from my parents. Do I say I bought a house? Any additional tax forms i need?

chayward1986 — Sat, 01 Jun 2019 02:29:23 GMT

No. If you are the recipient of a gift, you do not have t...

DS30 — Sat, 01 Jun 2019 02:29:25 GMT

No. If you are the recipient of a gift, you do not have to report that information to the IRS. You will get a carryover basis in the property.

When you become a homeowner, you don't get anything just for owning your home. However, you are able to include certain items related to your home on your tax return. If you itemize, you get to take such things as real estate taxes (if you paid any of these taxes during 2016.

To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Deductions and credits”
Next click on "jump to full list" or “I’ll choose what I work on”
Scroll down the screen until to come to the section “Your Home”
Choose "show more", then Property Taxes and follow the onscreen instructions

Make sure you know and can document the fair market value...

fanfare — Sat, 01 Jun 2019 02:29:27 GMT

Make sure you know and can document the fair market value of the home. Get an appraisal.

topic I was gifted a house from my parents. Do I say I bought a house? Any additional tax forms i need? in Deductions & credits

I was gifted a house from my parents. Do I say I bought a house? Any additional tax forms i need?

No. If you are the recipient of a gift, you do not have t...

Make sure you know and can document the fair market value...