| | Capital asset sale or Second Home Sale? Or Gift???
Capital asset sale or Second Home Sale?
Is this a Capital asset sale? Or second home sale?
How is the cost basis determined when a parent's house is sold (08/29/2008). When parent originally purchased the home, it was for around $15000. It has been many years ago.
House was signed over to children several years ago - they did not live in the home. House was sold due to unforeseen circumstances & Change in health : Parent had to be placed in nursing home due to broken hip that was not healing/Alzheimer's & the children could not keep up the home & its bills. Parent had a life time dowry that as long as she was physically able to, she would be allowed to live in the home.
Home was sold in Aug 2008. Through a law firm.
Parent has since died ( Jan 09) .
Is this a Gift or Other?
Also, on our settlement statement from closing, the amount each child (3) got was $12,979, but our 1099-S form says $15,757.52. Why would these be different?