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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

FENER
Level 2
 
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5 Replies 5
qbteachmt
Level 15

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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RollTide68
Level 8

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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qbteachmt
Level 15

"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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RollTide68
Level 8

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

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qbteachmt
Level 15

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.