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    How to report sale of property that was gifted to me by parents.

    Dak2019
    Level 3
    ‎01-25-2023 02:13 PM

    Father bought the property in 2021 for $245,000 and soon after gifted to daughter. Daughter lived in the house for a few months and then sold the property 7/29/2022 for $255,000. where do I report the gain.

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    1 Best Answer

    Accepted Solutions
    Camp1040
    Level 11
    ‎01-25-2023 02:15 PM

    Schedule D?

    View solution in original post

    2 Comments 2
    Camp1040
    Level 11
    ‎01-25-2023 02:15 PM

    Schedule D?

    Skylane
    Level 11
    Level 11
    ‎01-25-2023 02:24 PM

    Sch D -  Basis is 245K. Sales price is 255K (or 1099S) - improvements made while she owned it less allowable closing costs. She cannot take a loss.

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