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New Member
posted Jan 29, 2022 6:58:01 AM

My parents gave me their house and they currently live in it. Do I need to add this as a secondary home?

0 3 580
3 Replies
Level 15
Jan 29, 2022 8:03:03 AM

What are you trying to add?   You do not add that you own a home.   You can enter mortgage interest paid, property tax paid, loan origination points, or private mortgage insurance paid in 2021.

Level 15
Jan 29, 2022 8:05:35 AM

Did your parents take care of filing a gift tax form when they gifted a house to you?

 

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Level 15
Jan 29, 2022 8:32:18 AM

you need an appraisal so you will know what your cost basis is.