Question

Sister and brother were deeded parents' house; sold house this summer

Forum|Forum|4 years ago
March 20, 2022
1 reply
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My sister and I were deeded our parents' home several years ago while my father was living. My mother still paid the mortgage and taxes on the house, only the deed was in both my sister's and my name. My mother wanted to move closer to town and the house was sold this past summer. My sister and I split the amount left after the mortgage was paid off. How do I claim my capital gains using TurboTax?

LudwigVan_fan

Employee

Go to personal income

Investment Income

Stocks, Mutual Funds, Bonds, Other

Then start answering the questions there and it will lead you to the type of transaction, basis, date purchased, date sold, etc., etc.

In indicate the house was deeded to you while both parents still living. If you paid nothing for it, then this would have been considered a gift.

Your basis would be your parents adjusted basis in the home just before the gift was made. Here is a link to help with computation of basis.

https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/property-basis-sale-of-home-etc

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**