My mother deeded her home to her four children in 1996. She lived there rent free in exchange for utilities, taxes, insurance and maintenance until she entered a nursing home in 2016.. In 2017 it was determined that she would never be able to return to the property so we placed the house on the market. At that point we assumed all responsibility for the property. After several months we found a buyer and the sale closed in April 2017. At the closing we were each given a form 1099-S which identified the Gross Proceeds at $16,000 for each of us. The selling price was $64,000. Of course there were closing costs deducted plus the fact that we had been paying all taxes, utilities, maintenance and insurance during the time it was on the market. I don't know if this needs to be reported and how to proceed since I have never had to deal with a similar situation. I have been a Turbo Tax user for many years and hope to be able to use it for 2017. Do I need to use Turbo Tax Deluxe or the Premier package to handle this situation?
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