Hal_Al
Level 15

Deductions & credits

@mooseclan 

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.