Hi - I'm helping my Mother-in-Law with her Taxes - she's 79, and last year she divorced her husband and they sold their house (joint property). She did not purchase a new house (instead she's living with us). What do I need to do in regards to the property sale?
Either she or her ex-husband (or both) will need to enter the sale of the home on their tax return.
Assuming that it was divided equally then she would need to have it entered into her tax return as a 'Sale of Home'. In TurboTax you would go to the wages and income section and scroll down to the very bottom where it says 'Less Common Income' and then click the start button next to "'Sale of Home'.
The system should walk you through all of the steps and let you know all of the information that you'll need (when it was purchased, how much did it cost, how long did she live there, etc.). If it was her primary residence for the last few years then there will be no taxes due on the sale. But it should be reported.
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