turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

fronq0314
New Member

1099s - what do I need to provide for taxes if I didn't profit on the sale? I was only on the deed in the event of death.

My mother sold her home this year and I attended the closing to sign documents because I was listed on the deed of the home (as part of the estate - she is single and I am her only child). Both she and I received a 1099-S with the capital gains from the home, however, the check she received at closing was never made out to me, and I received no profit from her sale.  I am getting ready to file my own taxes and will be bringing the 1099 with me.  What information should I also be bringing to the tax preparer to show that I gained nothing from the sale?

4 Replies
maglib
Level 10

1099s - what do I need to provide for taxes if I didn't profit on the sale? I was only on the deed in the event of death.

the settling agent should have been notified and would then have only issue the 1099-S to your mother.   You can still request them to correct the 1099-S but it may be too late and you still have to file.  (Did your mothers 1099S reflect the full sale amount or just 50%).

If the Form 1099-S came in your name for the full amount you may want to "nominee"  the monies back to your mother.  Instructions are included here for your convenience should you need them.

  • Nominee returns. Generally, if you receive a Form 1099  for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received).  You must also furnish a Form 1099 to the other owner(s). File the new Form 1099 with Form 1096 (this is a transmittal for the 1099s) by mailing to the Internal Revenue Service Center for your area. 
    • On each new Form 1099, list yourself as the payer and the owner as the recipient. On Form 1096, list the yourself as the nominee filer, not the original payer.  The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to the owner(s).
  • The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:  Click here to order forms or publications from the IRS.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
fronq0314
New Member

1099s - what do I need to provide for taxes if I didn't profit on the sale? I was only on the deed in the event of death.

Thank you maglib, we made contact with the title company. They are going to furnish us with the documentation showing who received the funds from the sale. I am hopeful that providing this information to the tax preparer will be sufficient enough evidence showing I’m not financially responsible for the capital gains tax from this sale.
Eduardo4
New Member

1099s - what do I need to provide for taxes if I didn't profit on the sale? I was only on the deed in the event of death.

I received  1099S from the sale of a timeshare back to the company at a considerable loss.  How do I handle this with the IRS?

JamesG1
Expert Alumni

1099s - what do I need to provide for taxes if I didn't profit on the sale? I was only on the deed in the event of death.

I assume that this is a personal asset and a loss on the sale on a personal asset would not be deductible.

 

Please enter using the cost basis equaling the sales proceeds resulting in $0 gain.

 

Follow these instructions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v