You'll need to sign in or create an account to connect with an expert.
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
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
santhanr01
Level 2
watergirl2
Level 4
keaang
Level 2
shimon
Level 3
Astral27
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.