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D
Dak2019
Level 3
January 25, 2023
Solved

How to report sale of property that was gifted to me by parents.

  • January 25, 2023
  • 2 replies
  • 25 views

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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Best answer by Camp1040

Schedule D?

2 replies

Camp1040
Camp1040Answer
Level 10
January 25, 2023

Schedule D?

    Skylane
    SkylaneIntuit Community Champion
    Intuit Community Champion
    January 25, 2023

    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.

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