Father bought the property in 2021 for $245,000 and soon after gifted to daughter. Daughter lived in the house for a few months and then sold the property 7/29/2022 for $255,000. where do I report the gain.
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Schedule D?
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Sch D - Basis is 245K. Sales price is 255K (or 1099S) - improvements made while she owned it less allowable closing costs. She cannot take a loss.
