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
