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URL:  https://boards.fool.com/hello-when-the-property-closes-request-separate-17026152.aspx

Subject:  Re: profits from sale of home Date:  4/8/2002  12:30 PM
Author:  vkg Number:  60095 of 129719

Hello,

When the property closes request separate checks and separate 1099s.
This is not unusual and makes each of your tax returns independent.

If it has been her home for more than 2 of the last 5 years then she has no tax liability.

You and your sister will need to declare the proceeds of your portion.
If the property was a gift then the cost was your mothers cost. If you paid for the property then it is your cost.

If your mother added you to the title as a gift you should seek the advice of a tax professional. She probably needs to file a gift tax return for that year. Transfer of title of real estate should not be done without professional advise.

She can give each of you $11,000 a year with out tax consequences.

Debra





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