Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-04-2009, 07:22 PM
Junior Member
 
Join Date: Feb 2009
Posts: 1
Unhappy 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?

Thanks

Dawn



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How is the Capital Gain reported on an Installment Sale? TaxGuru Capital Gains 0 01-05-2009 12:50 PM
Home sale cap gains in divorce non-resident marycapecod Capital Gains 2 12-27-2007 04:11 PM
Capital Losses on the sale of Second home turned into Rental Property? emc2005 Capital Gains 1 07-30-2007 05:52 PM
Can u write off a loss on sale of home? mongrel Capital Gains 1 01-27-2007 12:01 AM
Sale of Principal Home Adam Capital Gains 1 01-16-2007 10:04 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.