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- sale of home co-signed with daughter on
sale of home co-signed with daughter on
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deniserevell3
Level 2
Saturday
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Hello, I have a 1099-S with $0 gross proceeds for sale of a home that my client and his wife were co-signers on for their daughter but actually received no sales proceeds or ever made any payments on. They were on the title as part owners, however. Do I report the sale of home on Schedule D but don't show any sales or purchase price or report the $0 sales price and actual purchase price?
Thank you for your help!!
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BobKamman
Level 15
Saturday
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So if there were zero proceeds, why was the form issued? Are you sure it hasn't been doctored? If someone had slipped and fallen on the sidewalk because it wasn't maintained, would your clients have been sued also? (Answer: yes.) So co-signing is irrelevant, co-ownership is the key. Of course you can then argue "substance over form." In any case, sounds fishy.
