Question

I sold my home in greenwood Indiana to my son. During this process and amount of 111.975.74 was gifted to him.

Forum|Forum|6 years ago
February 3, 2020
1 reply
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Sale price of home was 168,000.00 of which I received 50,000.00 and remainder was gifted to my son for financing the home with his loan. Is there any tax forms I need to file?

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StratigosA08

When you say you only received $50,000 of a $168,000 purchase price, do you mean that the rest was to pay the balance of the mortgage that you previously were paying on?

If so, you may need to report a gain on the property from the transaction, but often times there is a way to exclude the gain because it was your primary residence.

You should receive a 1099-S from the title company that handled the transfer and that is what you would input into TurboTax in order to prepare the Form.