House Sale in NJ

[capefearblues]

In 2011, My wife and her 7 sisters bought a house in NJ and the mother lived in it. Last year it was sold and the money divided among the siblings. What forms do I need to report this? We live in Georgia

[Anonymous]

if sold at a loss nothing to report this is personal loss

if a gain each of the 8 would have to report their proportionate part of the sale of form 8949.  even thogh mom apparently gave her share to sibs she has to her share of the gain.  mom made a gift of her share of proceeds to her sibs.  if the amount gift to any sib was over $15,000 a gift tax return for 2019 is required.