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Dani8819
New Member

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?

 
2 Replies
Critter-3
Level 15

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 ?

Hal_Al
Level 15

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.

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