Investors and rental owners

When you removed your name from your parents’ home, you had a deemed disposition for that property, at the fair market value of your share at the time it happened. You can report it as a sale of your Principal Residence for the years that you lived there, but you may have a capital gain for the time you owned it but didn't live there.

In TurboTax Online, search for “Principal Residence” on the Tax Home ⌂ page to report the disposition.