Sale of Real Estate that was gifted to me in 1990? - for sale by owner real estate signs
I was not aware at the time, but in 1990 my uncle, his title to his house to my sister and me. The examination by the States for $ 1 My sister has the power in relation to my uncle (now in assisted living). The property was sold in May 2008 for $ 23.900, I received $ 11,047.63 net. It was during this event, I realized that it held 50% and had to sign and approve the sale. My sister received a 1099-S-proxy (both our names and SS-#). My question is how the presentation. I do my own taxes with Turbo Tax, but I feel put me through this situation in question. When presented in the form 4797 ... or should I go in Annexes D? How can I start one? It is $ 50 (50% of the value of $ 1 of the Act in 1990). Only the amount of taxable income? Or should I try to estimate an adjusted basis for 1990. I do not know the market value of the property in 1990, but I'm sure I could not find historical information. I wrote to the IRS, but his answer has me confused, so I hope some experts can provide direct assistance toIons. Thank you!
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