gkball
Level 1
12-07-2019
05:18 AM
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This was a home that was deeded to her and her sister by her mother with a life estate for mother. House was sold for $475,000 each received a 1099-S for $237,500 date of closing was 05/11/18. The mother passed away on 01/05/2015 and the FMV we determined at that time was $370,100. Client also purchased a new home on 06/15/2018 for $179,000 and paid cash.
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IRonMaN
Level 15
12-07-2019
05:18 AM
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I think you want to file to avoid an IRS notice especially since it looks like there is some gain to report.
As a side note, the new home purchase doesn't play into the sale equation at all.
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