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Parents sell secondary residence to child form 1099s shows $180000 gift equity 105000 parents received $75000 basis $83000 what is taxable amount to parents

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Level 1
last updated ‎March 04, 2020 11:38 AM
 
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Level 12
last updated ‎March 04, 2020 11:38 AM

You didn't need to ask Twice. Your existing topic, where you have been getting thoughtful help from your peer users that volunteer to help, can be found here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/re-reporting-sale-of-house-...

Thanks.

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"Level Up" is a gaming function, not a real life function.
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Level 8
last updated ‎March 04, 2020 11:38 AM

Parents capital gains is zero

Childs basis goes to $8000 ($83000 - $75000)

Gift return for the $75,000 gift ($105,000 - $15,000 - $15,000) if both parents owned the house

Does that sound about right?  Anyone else care to weigh in?

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Level 12
last updated ‎March 04, 2020 11:38 AM

"Anyone else care to weigh in?"

 

They are all on the Original topic, not this Duplicate.

 

Go here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/re-reporting-sale-of-house-...

 

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"Level Up" is a gaming function, not a real life function.
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Level 8
last updated ‎March 04, 2020 11:38 AM

I know but there is a little more information in this one.  Just trying to help out where I can.

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Level 12
last updated ‎March 04, 2020 11:38 AM

Well, half the info is here, and is useful when added to the other half that was first provided. That's why it helps to keep it in one Topic.

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"Level Up" is a gaming function, not a real life function.