Daughter selling house that is in her and our names.Mortgage is in ours but she has made payments. will we have tax problems with capital gains from sale?
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
Daughter selling house that is in her and our names.Mortgage is in ours but she has made payments. will we have tax problems with capital gains from sale?
Daughter selling house that is in her and our names.Mortgage is in ours but she has made payments. will we have tax problems with capital gains from sale?
You will not have a problem on your taxes if she reports the entire sale on her tax return.
As co-owner, she can receive the proceeds.
It is not uncommon for 1099-S reporting home sales to be modified on home sales in cases of joint ownership.