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My girlfriends father put himself in a nursing home. He

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My girlfriends father put...

My girlfriends father put himself in a nursing home. He signed his home over to her and her brother to sell, which they did. Each received a check for $23000 from the sale. My girlfriend has no income and I support her in full and claim her on my taxes. Will I need to report and pay taxes on this sale?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New York, house was sold in Endicott, we are in Hamiln.

Accountant's Assistant: Has anything been filed or reported?

Nothing yet, will she receive some type of tax statement?

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not sure

Submitted: 7 months ago.Category: Tax
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1/2/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 7 months ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question.

For tax purposes, a person has a lifetime exclusion of over that amount, that they can gift. However, her father will need to fill out a gift tax return, if the value of the home was over $14k for the year. Here is the return - https://www.irs.gov/pub/irs-pdf/f709.pdf

The sales price over the value of the home at the time of transfer would be the income and reported as a gain on her tax return.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 7 months ago

Let me know if this helps and if you have any questions. Thank you.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 7 months ago

Hi. A positive rating is very much appreciated. Thank you.

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