Selling a Home

[kobe22]

My grandfather transferred the deed of his home to me while he was still alive.  I have owned and lived in it as my primary home for two years. I have not sold a home within 5 years. How do I report this and what are the tax implications?

[sjrcpa · Accepted solution]

Your basis is his basis, plus any improvements you made.

Other than that, the normal rules about selling a principal residence apply.