My mom transferred ownership of her home and our home to my sister and me. What are me tax implications

karenmakar · ‎June 6, 2019

PaulaM · ‎June 6, 2019

You can report 1/2 of the real estate taxes that you may have paid since receiving ownership. Otherwise, there is nothing to report until you sell the home.

Sale of gifted property would be reported in the Investment section. You will need your mother's adjusted basis and the FMV at time of her gift to compute a gain/loss on the sale.

You mother, however, may have to file a gift tax return for gifts over $14,000. That doesn't mean she has to pay tax-just that she would be required to file a return.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

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View solution in original post

PaulaM · ‎June 6, 2019

You can report 1/2 of the real estate taxes that you may have paid since receiving ownership. Otherwise, there is nothing to report until you sell the home.

Sale of gifted property would be reported in the Investment section. You will need your mother's adjusted basis and the FMV at time of her gift to compute a gain/loss on the sale.

You mother, however, may have to file a gift tax return for gifts over $14,000. That doesn't mean she has to pay tax-just that she would be required to file a return.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

**Join us for our "All about the refund" event, sign up here

**Mark the post that answers your question by clicking on "Mark as Best Answer"

My mom transferred ownership of her home and our home to my sister and me. What are me tax implications