Typically, the tax burden is split according to the ascertainable ownership interest in the property. Your ownership interest may be negligible or for tax purposes, zero.
If you did not make any part of the down payment or any of the loan payments or live in the home, or pay for any part of improvements and there is nothing in the ownership documents specifying your ownership interest and also assuming you did not take any mortgage interest deduction or property tax deductions for the property, then your part of the capital gains would be zero. In that case basically, your mom had all the benefits and responsibilities for the property.
Yes, your mom would report all of the sale on her taxes and if eligible claim the $250,000 exemption available as an owner of the property for at least 2 years of the last 5 years prior to the sale and who also lived in the property for at least 2 years prior to the sale. That exemption would more than cover the $60,000 gain.
Yes, the gains are basically the difference in the sales price and the purchase price.
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