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