BobKamman
Level 15
03-23-2024
10:26 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Isn't the basis, at least the amount of the mortgage on the property when it was gifted? Especially, since you seem to think the actual basis was less than that.
Report what's on the 1099-S, for proceeds. If the T/P walked away with $15,529, make sure he pays tax on that much.