POA Received 1099S

[MMorton43]

I am POA for my grandmother who is living in a nursing home. She had me sell her main home and all proceeds went to her bank account. I received nothing. I do not live in the state where him was sold. However, I received a 1099S (in my name). Am I required to file this? One of the question is if it is your main home and you lived there 2/5 years; however, I never lived there. How do I proceed? TIA. 

[jtax · Accepted solution]

It the 1099-S in your social security number as well as your name?

If it is in your mother's SSN, I would report the sale on her return only even if it's in your name.

If it is in your SSN as well as your name, then you probably have to report the 1099-S as a nominee for your mother. That is somewhat complicated. See https://www.irs.gov/instructions/i1099gi#en_US_2023_publink1000286907 ... you might want a professional (CPA or enrolled agent) to do that for you. I am not sure how to tell turbotax how to do a nominee for a 1099-S. For 1099-DIV/INT that is easier. Perhaps someone else well respond.

For future refence, the way to do this "right" from the beginning is that as the attorney-in-fact (you're not actually a power of attorney - "POA" ... the POA is the document that makes you the attorney-in-fact or agent), you sign all documents in your mother's name (she is the "principal") like

Mary Smith by John Smith POA

or 

Mary Smith by John Smith, attorney-in-fact

and use her SSN. The only time I would give my SSN to a financial company as an attorney-in-fact would be so that they could identify me, for example, to setup online access to the principal's account. In that case I would want to be certain that no income would be reported in my SSN to avoid the need treat as a nominee and to issue a 1099 to the principal.