My mother is in Assisted living. In 2015 thry added me and my brother to the deed. We sold the home and split thesale between the 3 of us. How do I claim this.

[elkpt]

My father passed in 2017. Sold in 2020. Split sale wth mom and brother.

[JotikaT2]

It depends, but it will either be a capital gain or loss depending upon whether or not you made any money on the sale of the home.

You may receive a Form 1099-S similar to the one shown below.  This is used to report the proceeds on the sale of real estate.

You will enter this information into TurboTax in the federal interview section as follows:

1. Select Income & Expenses 
2. Scroll down through all income until you see Investment income 
3. Select Stocks, Mutual Funds, Bonds, Other 
4. Select Add more sales 
5. Proceed through the questions and enter the information as prompted

Be sure to split the proceeds, cost basis, and any other selling expenses in accordance with your allocable portion as the sale was split between yourself, your mom, and your brother.  You will need to ensure you split those expenses and the income amount to ensure they are not overreported on each return, but that each return only reports the portion allocable to each taxpayer.

The reporting may be different for your mom's return if she resided in the home as her primary residence.  Please see the following link for additional information on the exclusion for the sale of a personal residence to help you determine if it would apply to your mom.

Tax exclusion of gain on primary home sale

[Mike9241]

was your father on the deed?    if so there would seem to be joint ownership among the 4 of you.  then you have to look to who inherited your father's share.  their basis would be 25% + their share of the FMV of your father's interest that was inherited.

simplified example: cost basis in 2015 $100,000 each has a basis of $25,000 wife inherits father share. in 2017 house worth $200,000 father's share $50,000. wife now has basis of $75,000. $25,000 original basis + the FMV of the share she inherited.

if all three inherited and equal share then each has basis of $25,000 + 1/3 of the 50,000 or $41,667