We took a loss on the house. Sold it to a relative. I did receive a 1099-s. It did not show the loss, just Gross proceeds. How would I put this in? Thanks
It depends on how she signed over the home.
If she removed herself from the deed, you and your siblings received a gift on that date. As a gift, your cost basis is her purchase price.
If she created a joint tenancy with right of survivorship. you have a 50% gift and 50% inheritance. You will average her purchase price with the fair market value of the home when she died.
I am sorry about the loss of your mother.
[edit 2/20/18 2:39 PST]
She did take her name off. To get a little farther in the weeds. My parents bought this property in the late 70s. Not sure what they paid. She built a new house in 2016. In TTax it ask for cost basis and fair market value. I do know what it sold for, and the higher appraised price. Thank you for the kind words. She is missed.
She did take her name off. To get a little farther in the weeds. My parents bought this property in the late 70s. Not sure what they paid. She built a new house in 2016. In TTax it ask for cost basis and fair market value. I do know what it sold for, and the higher appraised price. Thank you for the kind words. She is missed.
It depends on how she signed over the home.
If she removed herself from the deed, you and your siblings received a gift on that date. As a gift, your cost basis is her purchase price.
If she created a joint tenancy with right of survivorship. you have a 50% gift and 50% inheritance. You will average her purchase price with the fair market value of the home when she died.
I am sorry about the loss of your mother.
[edit 2/20/18 2:39 PST]