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March 22, 2025
Question

my husband and brother joint owned a home where their mom lived. They sold the property for $111,476. They repurchased a mobile home for her and spent $85,328. How do i report this on my taxes and how much do i report?

  • March 22, 2025
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    1 reply

    March 22, 2025

    If they owned the property 50-50, you will report one half of the proceeds.  You do not have to report the purchase of the new home.

     

    See Where do I enter the sale of a second home?