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

[Dak2019]

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.

[Camp1040 · Accepted solution]

Schedule D?

[Skylane]

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.