My father purchased a home for 110,000. He later added me to the deed. At that time the FMV was about 65,000. He is deceased and I sold the home for 80,000. I understand from irs rules I would have no gain or loss as using 110,000 as the cost would give me a loss, and using 65,000 as the cost would give me a gain. But no where can I find what figures to record on the form 8949. What values should go into the proceeds, cost basis and gain or loss columns on 8949 in this example? Thanks.
Meet Leading Tax Advisors
Federal Tax Credits & Incentives Practice Leader
New York, NY
CEO/Certified Financial Advisor
Rancho Santa Fe, CA
San Jose, CA
Long Beach/ Park City, CA