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karenmakar
New Member

My mom transferred ownership of her home and our home to my sister and me. What are me tax implications

 
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PaulaM
Employee Tax Expert

My mom transferred ownership of her home and our home to my sister and me. What are me tax implications

You can report 1/2 of the real estate taxes that you may have paid since receiving ownership. Otherwise, there is nothing to report until you sell the home. 

Sale of gifted property would be reported in the Investment section. You will need your mother's adjusted basis and the FMV at time of her gift to compute a gain/loss on the sale.

You mother, however, may have to file a gift tax return for gifts over $14,000. That doesn't mean she has to pay tax-just that she would be required to file a return.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

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PaulaM
Employee Tax Expert

My mom transferred ownership of her home and our home to my sister and me. What are me tax implications

You can report 1/2 of the real estate taxes that you may have paid since receiving ownership. Otherwise, there is nothing to report until you sell the home. 

Sale of gifted property would be reported in the Investment section. You will need your mother's adjusted basis and the FMV at time of her gift to compute a gain/loss on the sale.

You mother, however, may have to file a gift tax return for gifts over $14,000. That doesn't mean she has to pay tax-just that she would be required to file a return.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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