kobe22
Level 2
09-23-2022
12:50 PM
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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
09-23-2022
01:03 PM
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Your basis is his basis, plus any improvements you made.
Other than that, the normal rules about selling a principal residence apply.
Ex-AllStar
