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Capital Gains on a condo mom put in my and my brother's name

Hi,

I am so very confused.

Total investment of the condo was76,000.00. The selling price was 100,636

so - 24,636 is the long term capital gains

As my brother and I split it,

50,318 was my selling price with 38,000 as my total investment.

So - $12,318 is my long term capital gains.

All the above is from my brother. I am beyond lost. Turbo tax is asking what are my net proceeds. Ugh.

Thank you - thank you for any help you can give me

Sharon

Best answer by Anonymous_

You would generally have a carryover basis from your mom since this was a gift and you apparently have a gain.

However, you need to know the fair market value on the date of the gift and calculate the following:

Your basis for figuring a gain is the same as the donor's adjusted basis, plus or minus any required adjustments to basis while you held the property.
Your basis for figuring a loss is the FMV of the property when you received the gift, plus or minus any required adjustments to basis while you held the property.

If you are entering the transaction as the sale of a second home in TurboTax, then the net proceeds would be the selling price less sales expenses.

Employee

You would generally have a carryover basis from your mom since this was a gift and you apparently have a gain.

However, you need to know the fair market value on the date of the gift and calculate the following:

Your basis for figuring a gain is the same as the donor's adjusted basis, plus or minus any required adjustments to basis while you held the property.
Your basis for figuring a loss is the FMV of the property when you received the gift, plus or minus any required adjustments to basis while you held the property.

If you are entering the transaction as the sale of a second home in TurboTax, then the net proceeds would be the selling price less sales expenses.