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

luchacz · ‎January 29, 2022

xmasbaby0 · ‎January 29, 2022

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0 · ‎January 29, 2022

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-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

fanfare · ‎January 29, 2022

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

Expert does your taxes

Do it yourself

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