My parents gave me their house and they currently live in it. Do I need to add this as a secondary home?
03580
3 Replies
xmasbaby0
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.
xmasbaby0
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: