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Mom gave son quick claim deed in 2007 son then sold property in 2019 he got a form 1099S.

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where do i put it
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0 Cheers
8 Replies 8
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Level 15

And he has a gain equal to the difference between the 1099S proceeds and her original basis plus any improvements.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15

Oops, missed the second part and only read the headline - schedule D

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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So show $50000 in proceeds from 1099S box 2 and $o in cost on sch d

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Level 15

She must have paid something for it and no improvements done to it in the last 12 years?  How about closing costs on the sale?

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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so he will use what his mom paid for it & any improments

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Level 15

Bingo!

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15

Personal use property or rental?


ex-AllStar
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Level 11

When dealing with references to "quick claims," it's often a case of hillbilly probate and substance over form may show that Mom was still equitable owner of the house.  Did she live in it?  Did the son?  Who paid the taxes and insurance?  Was she still alive when it was sold?  The facts and circumstances might justify disregarding the quitclaim deed.