@georgesmixcd wrote:
We both received a 1099-S. My form has the full amount of our proceeds and hers has $0.00.
Based on the instructions and what you shared, it sounds like she does not have to report the sale on her tax filing and I will report all of it.
Thanks for your help @GeorgeM777
Be aware that losses on personal property are not deductible. You need to report the sale because you got a 1099-S, but if there was a loss, its not deductible against other income.
In general, the law will assume that if you 2 people are on a deed and there is no other document saying different, then you are 50/50 owners. However, in this case, because the 1099-S was issued to one person, it may be easier to report it that way. Since there is no taxable gain and no deductible loss, it's really just a matter of creating a paper trail so the IRS has something to match to the 1099-S.
