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kobe22
kobe22
Level 5
September 23, 2022
Solved

Selling a Home

  • September 23, 2022
  • 1 reply
  • 24 views

My grandfather transferred the deed of his home to me while he was still alive.  I have owned and lived in it as my primary home for two years. I have not sold a home within 5 years. How do I report this and what are the tax implications?

This topic has been closed for replies.
Best answer by sjrcpa

Your basis is his basis, plus any improvements you made.

Other than that, the normal rules about selling a principal residence apply.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
September 23, 2022

Your basis is his basis, plus any improvements you made.

Other than that, the normal rules about selling a principal residence apply.

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