Does My Mom Need to Report the Sale of Her Home to the IRS?2023-04-072023-04-07https://www.eliselampert.com/wp-content/uploads/2019/11/screen-shot-2019-11-12-at-3.14.01-pm.pngElise Lampert, Attorney At Lawhttps://www.eliselampert.com/wp-content/uploads/2019/11/screen-shot-2019-11-12-at-3.14.01-pm.png200px200px
Yes. She needs to report the capital gain on the sale. However, she can exclude the first $250,000 of the gain, so the sale and reporting may or may not result in any taxes.