Norman2001
Level 7
03-23-2024
08:08 PM
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You don't say what the mother's basis in the house is. For a gift, basis transfers so start with that. If your client took on the mortgage, then add mortgage to the basis.
Did your client live in the house? If so, how long? The home sale worksheet should help you with the sale. I would report the full sales price. The worksheet has entries for sales costs.