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-20tax18
New Member

My husband and I cosigned a mortgage with our son. Son lived in home, then rented it. Sold home 2018, received 31099-S in each of our names. Do we need to list 1099-S?

Son took his taxes to a professional.  They said that the 1099-S was for 1/3 of the sales price. Also, given the information, he had a net long term loss. He was told we need to insert the information on our taxes, showing 2/3 ownership.  I did in Turbo tax and it gave me a long term gain.  We did not have any involvement in the home, our son just needed to give us back the down payment that we lent him in the beginning.    Do we need to report this? 

1 Reply
Critter
Level 15

My husband and I cosigned a mortgage with our son. Son lived in home, then rented it. Sold home 2018, received 31099-S in each of our names. Do we need to list 1099-S?

Yes you MUST report it ... the IRS expects it since you didn't structure this deal better ... so ask your son for the info on his 8949 he had done professionally and double the amount to reflect your portion of the sale. 

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