turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Anonymous
Not applicable

My mom transferred the deed to her home over into my name, do I have to pay taxes on that or even report it? If I wanted to sell it, how do I avoid capital gains tax.

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

My mom transferred the deed to her home over into my name, do I have to pay taxes on that or even report it? If I wanted to sell it, how do I avoid capital gains tax.

Sorry to tell you but that usually isn't the right thing to do.  Was she trying to avoid probate or something?   She gave you a gift.  You don't report it now.  But when you sell you need to use her cost basis and don't get a step up to the market value if you had inherited it.  So yes you will owe capital gains tax on the selling price minus her cost.   So you need to find out her cost plus any improvements.   Unless you live in it as your primary house for 2 years before you sell.  

 

Oh, if the value was over 15,000 she might have to file a separate Gift Tax return but there won't be any tax on it.

Anonymous
Not applicable

My mom transferred the deed to her home over into my name, do I have to pay taxes on that or even report it? If I wanted to sell it, how do I avoid capital gains tax.

It’s cause she’s getting another house and wanted to leave her old house to me.
Anonymous
Not applicable

My mom transferred the deed to her home over into my name, do I have to pay taxes on that or even report it? If I wanted to sell it, how do I avoid capital gains tax.

reason doesn't matter. the above advice is correct. your basis is her basis - no step up.
TomD8
Level 15

My mom transferred the deed to her home over into my name, do I have to pay taxes on that or even report it? If I wanted to sell it, how do I avoid capital gains tax.

"If I wanted to sell it, how do I avoid capital gains tax."

You won't be able to avoid  capital gains tax, but as VolvoGirl alluded to, you may qualify for a capital gains exclusion of $250,000 ($500,000 on a joint return) if you live in the house as your primary residence for at least 2 of the 5 years leading up to the date of sale.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies