Here we go. There is a lengthy backstory in which I was foolish enough to assist my brother with the purchase of his house, following the direction of a real estate agent and broker, because his credit was beyond sub-par (being nice here). Been kicking myself since and now that it is tax time - hopefully the final turn of the blade. I re-iterate, all done under direction of a agent & broker. Be weary of who you trust.
11/2016 - purchased house as sole owner (knowing now - big no no). Never lived there. I actually occupy the second home of my mother's property where i was raised, so I own no prior home. Mortgage payments for were made directly to the bank from my brother and I received no income. My only involvement with the property was my name on the title.
Little of a year later - he falls behind in payments, unable to catch up and following the failed attempt to settle the debt (where I come to learn that it was a no no). Now that I was aware - I refused to state that I lived there when I hadn't. Started working on the sale of the property. Completed in 6/2018.
Details. Original purchase price= $430,000 in 11/2016. Sale price= $490,000 in 6/2018. Per the CLOSING DISCLOSURE - my Closing cost was $24,909 and my Payoff of First Mortgage was $457,942. We were given a check for the remainder which was $7,208 (which I gave to my brother. I know... I'm a fool when it comes to family). I received a 1099-S listing the gross proceeds as $490,000.
How and where do I put all this when filing taxes???? I would appreciate any direction received, with the exception of pointing out my idiocy. Been kicking myself since.
