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Selling a Home

kobe22
Level 2

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?

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sjrcpa
Level 15

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

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

The more I know, the more I don't know.

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1 Comment 1
sjrcpa
Level 15

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

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

The more I know, the more I don't know.