FENER
Level 2
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IRonMaN
Level 15
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Mom and dad didn't live in it for the last 2 out of 5 years?

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
abctax55
Level 15
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Gift equity is deductible?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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IRonMaN
Level 15
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The math is a little hard to follow, but it doesn't look like they are deducting it -------- looks more like extra information for us to enjoy in our free time 😁

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
abctax55
Level 15
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Oh...  I didn't attempt any "hard math".  I'm trying to just use my words today 😉

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sjrcpa
Level 15
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You've got a part sale, part gift transaction. Research the treatment. Gift tax return needs to be filed.


ex-AllStar
FENER
Level 2
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Do I report the gain from the sale of $97000 on form 4797 as a capital gain ?

besides filing a gift tax return by the parents

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qbteachmt
Level 15
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@FENER 

Instead of starting a Duplicate topic, you should have noted here in the existing topic, the new info that the sellers also got $75,000 from the proceeds and that this was a Secondary Residence.

Details matter.

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sjrcpa
Level 15
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4797 is for depreciable property used in a trade or business. Was this "secondary" home a rental property? Or was it a personal use second home of the parents?


ex-AllStar
FENER
Level 2
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personal use second home for parents

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sjrcpa
Level 15
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No 4797. The sale will go on 8949.


ex-AllStar