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DWinn1
New Member

Sale of moms house

My mom's house was gifted to me approximately 10 years ago.  She and my brother lived in the house, it was never my permanet residense.  Mom maintained the house and paid for all the improvements.  After her death the house was sold for 270k  with me gifting my brother 135K and me getting 135K off the sale of the house.  It was not a 'rental" and I don't know where to or if I have to document this sale on my taxes.

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3 Replies
RobertB4444
Employee Tax Expert

Sale of moms house

Yes, you do have to report it and you are going to pay taxes on the money that you received.

 

You should receive a 1099-S in the mail that details the amount that they sent you.

 

In TurboTax you will enter the sale in the 'Wages and Income' section.  Scroll down to the bottom where it says 'Less Common Income'.  In there it has an entry for 'Sale of Home'.  

 

Click start next to that and the system will walk you through what you need to enter for the values of the sale.  

 

Since your mother gifted the house to you while she was still alive you will enter the amount that she paid for the house as your 'basis' or the amount paid for the property.  The date of purchase should be the date that she gifted it to you.

 

@DWinn1 

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DWinn1
New Member

Sale of moms house

I will not be receiving a 1099-s according to the Mortgage company/Bank.  

 

 

DianeW777
Employee Tax Expert

Sale of moms house

It's not important to receive a 1099-S for this sale. As indicated, you will use the the amount your mother paid for the house as the cost, which includes any capital improvements she may have made or that you paid for after the gift. Date of purchase is the date your mother gifted it to you.

 

The gain on the house will be capital gain and you will report it using the steps below.

 

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

  1. Open or continue your return.
  2. Navigate to the investment sales section:
    • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
    • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
      • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
  3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
    • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

@DWinn1 

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