Inheriting some money

Forum|Forum|2 years ago
August 8, 2023
3 replies
20 views

My sister inherited my dads house when he died. She is selling it and is going to give the siblings some of the proceeds will I have to report that money. Should be around 50,000 or a little less.

ProSeries Basic

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Best answer by Jim-from-Ohio

two issues

1. sale of home. your sister gets a step up in basis. there may not be much of a gain, if anything on the sale but should be reported on schedule D.

2. gifting of proceeds. if a gift to any one person exceeds $ 17,000 a gift return should be filed.

Jim-from-Ohio

Answer

Intuit Community Champion

two issues

1. sale of home. your sister gets a step up in basis. there may not be much of a gain, if anything on the sale but should be reported on schedule D.

2. gifting of proceeds. if a gift to any one person exceeds $ 17,000 a gift return should be filed.

BobKamman

Level 15

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

qbteachmt

Level 15

Are you using ProSeries to prepare your sister's tax return? Because that is what you found on the internet = a specific software in use by specific persons for a specific purpose.

Yes, you will report the sale of the house on her tax return. The software will expect the acquisition date, basis, and date of sale and sales details.

Yes, you will need to report any giving that she does, if you are preparing her tax return, for amounts exceeding the gift limits for the year she gives money away.

If you are not preparing her tax return, then none of this matters, because this is not the place to get personal tax advice. It's a software program user community.

Your log in username you created to post here will work at the Turbo Tax community.

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