I sold my living mother's home and received a form 1099-s. I did not inherit it, per se, as she is still living and was unable to attend the sale. how do I report or no

[skypondblu673]

Do I need to report anything since I was her 'transferor'?  Do I pay taxes on it?  She is alive now

[MiriamF · Accepted solution]

If your name isn't on the 1099-S, then the income isn't yours to report. It's your mother's.

If you are acting with your mother's Power of Attorney, and that's why your name is on this 1099-S, then it's still your mother's income, to be reported on her tax return.

If neither of the above is true, then you may need to get a corrected copy of this 1099-S.

You are not legally allowed to sell something that isn't yours, and you need not claim the income as yours. It belongs to your mother. If she lived in the house for at least two of the five years preceding sale, then the first $250,000 of gain are exempt from tax. If you were to report this sale, and you didn't live in the house, then the entire sale price is taxable to you, as you neither own it nor inherited it.

If your mother gave you the right to act as her "transferor," then you are in effect acting with Power of Attorney. If she has not already signed a POA, please consider it.