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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.

Cost Basis
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Kathryn Morgan
I'm sorry for your loss. When your father added you to the deed was there any kind of documented percentages of ownership indicated? Some state allow someone to go on a deed but not have a 50/50. In order to run some numbers this is important. I need to know "how much" of the house he gifted you when he added you to the deed. Also need to know if the house was every, before or after his death, your personal residence.
Reply 207 weeks ago
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Question Owner
@Kathryn Morgan: No, there was no document. I was just listed on the deed with him with right of survivorship. I never lived in the house as my residence.
Reply 207 weeks ago

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