I owned a home until April 2018, at which point I legally signed the property over to new owners (no money was exchanged). Will I need some kind of proof as to when the property was exchanged for filing my taxes?
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Answers & Comments
no but you probably have to file a gift tax return
You can't prove a negative.
The answer depends on whether you gifted the property or the new owners assumed your debt. It could be a combination of the 2 if the property was worth more than the debt assumed. Take your paperwork to a professional to get it all sorted out.
You need nothing to prove you no longer own the home but you do have to report the sale on Schedule D. You just don't claim any more interest or property tax than you paid and the sale is any mortgage balance due assumed by the new owners minus what your basis in the property was.
The home was a gift to this person(s).
You likely need to complete gift tax paperwork (depending on the value of the property and how many people you gifted it to).
Was there a mortgage?
What was the house worth on the open market?
Did you make a gift of equity?
You may need to do a gift tax form, which is filed separately from the tax return.
For no money....how did the buyers pull that off??? You'll need to file for the gains or losses associated...
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