1099s

Forum|Forum|4 years ago
January 25, 2022
3 replies
25 views

This might take a little time to explain after a not so nice divorce I kept the house. The mortgage when married was under the ex but both of us was on the deed. Moving forward my dad paid off the mortgage 280k then he took out a mortgage (which I pay) of 240k. We are both on the deed but he has the note as a second home. Why would i get a 1099s for proceeds over 28k. I didnt see any money neither did my dad. Please help do i really need to claim 28k more in income?

RobertB4444

Level 15

You don't need to claim the income but you do need to enter it on your tax return.

A 1099S is issued to show the proceeds from the sale of property. When you and your father re-financed in order to remove your ex from the mortgage it registered as a sale of your home. You need to enter it in to your tax return for this year but - since this was your primary residence - you won't owe any taxes on the money that you made from the "sale."

Here's how to enter the sale of your home in TurboTax.

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Rmartinelli55Author

Level 2

This was very helpful. Athough this is my primary residence the mortgage was taken out by my father as a secondary home. To make it more confusing my name is listed but his social.

DaveF1006

Level 15

It depends. To clarify, are you talking about name listing on the 1099S or on the mortgage note itself. If on the 1099S, you will still report it as robertb1326 advises in his previous post.

[ Edited 01/25/22|02:13 PM PST]

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