I have a similar question. Bought a home with both parents on the title in 2012. It was my primary residence and my parents never lived there despite being owners. Now we are selling. The Sales price minus original sales price I paid is about $150k (doesn’t include improvements and I would guess the total gain is really about $128k. ). I was the primary owner, paid the mortgage, taxes, expenses everything. Am I ok to claim the full gain (and therefore get the home sale exclusion) on my 1099s form once it sells ? Or do my parents have to also complete this and adjust the proceeds to be divided into 3 (for each of us) and then possibly be subject to capital gains taxes since it wasn’t their primary residence? I want them to do the 1099 nominee form so I can get the home sale tax exclusion for the full amount and leave them out of it since it was my home. But it’s also complicated because I am currently looking at buying a new home with the full proceeds. I can’t qualify due to bad credit so I was planning to give my parents the proceeds as a down payment while they sign on for the loan. How can I make sure I am doing this all correctly?
