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Deductions & credits
Your son reports it all since he has 100% beneficial interest. You only problem will be if you get a 1099-S, for the sale. In that case, you'll have to use a work around to report 0 capital gain.*
*Report the 1099-S amount as gross proceeds and the same amount as cost basis, on form 8949.
‎August 10, 2020
6:53 AM