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

busybeesev1955
Level 1
where do i put it
Labels (1)
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8 Replies 8
IRonMaN
Level 15

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

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
IRonMaN
Level 15

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

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
busybeesev1955
Level 1

So show $50000 in proceeds from 1099S box 2 and $o in cost on sch d

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IRonMaN
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?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
busybeesev1955
Level 1

so he will use what his mom paid for it & any improments

0 Cheers
IRonMaN
Level 15

Bingo!

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
sjrcpa
Level 15

Personal use property or rental?


ex-AllStar
BobKamman
Level 14

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.