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April 2, 2025
Question

Real Estate provided for parents

  • April 2, 2025
  • 1 reply
  • 0 views

My husband and I purchased a condo for my elderly parents to live in until they died. Parents are not on deed and did not pay anything. We paid all costs to purchase, utilities, upgrades, etc. We sold the condo in 2024 for a profit. We’ve never deducted or depreciated anything on this property. What deductions can I use? 

    1 reply

    April 2, 2025

    There are no deductions, except any sales costs you incurred like advertising, cleaning, closing costs, etc. (actually those are a reduction of proceeds)  Your gain will be taxable since it wasn't your primary residence.  You'll have to settle for being a great daughter!  

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