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johnc1
New Member

During 2018, my mother quit claimed her condo to me and my sister and she retained Life Use. She is still alive and living in condo. Is there anything I need to do?

Is there anything I need to do with my 2018 taxes?
Is there anything I can do to limit future tax years' liability whenever the unit is sold?
1 Best answer

Accepted Solutions
MarilynG
Expert Alumni

During 2018, my mother quit claimed her condo to me and my sister and she retained Life Use. She is still alive and living in condo. Is there anything I need to do?

Your mother gave you and your sister a 'gift' of her condo, so she would report this on her tax return (if she is required to file).

You and your sister can claim the Property Tax and Mortgage Interest on your returns (since you are on the Deed), split however you agree between you.

When you Sell the Property, you and your sister will each report your share of the sale proceeds on your individual returns as a 'Sale of Investment Property'.

Here's more info on that:

https://ttlc.intuit.com/replies/6799613

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MarilynG
Expert Alumni

During 2018, my mother quit claimed her condo to me and my sister and she retained Life Use. She is still alive and living in condo. Is there anything I need to do?

Your mother gave you and your sister a 'gift' of her condo, so she would report this on her tax return (if she is required to file).

You and your sister can claim the Property Tax and Mortgage Interest on your returns (since you are on the Deed), split however you agree between you.

When you Sell the Property, you and your sister will each report your share of the sale proceeds on your individual returns as a 'Sale of Investment Property'.

Here's more info on that:

https://ttlc.intuit.com/replies/6799613

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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