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My elderly parents listed me on their mortgage as a protection. They recently sold their home and I had no dealings with the money they received. Must I claim it?
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My elderly parents listed me on their mortgage as a protection. They recently sold their home and I had no dealings with the money they received. Must I claim it?
Were you also on the deed ? Did the closing company issue you a 1099-S at closing ?
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My elderly parents listed me on their mortgage as a protection. They recently sold their home and I had no dealings with the money they received. Must I claim it?
Simple answer: No.
Paying off a mortgage is not a tax reporting event. Sale of a person's primary home is usually a tax free event (if the rules are followed). Taxation "follows the money" ("I had no dealings with the money they received").
Only if your name and SS# were on the form 1099-S, issued at closing, do you have anything to report (claim). Even then, nothing is taxable to you.