I co-signed a mortgage for my daughter. She made all payments. She sold the home and since my name was on the title, I received a 1099-S. How is this handled?

[Vanessa A]

Your daughter should be reporting this on her return if you did not receive any of the proceeds or make any of the payments.   You can try asking the bank to issue a corrected 1099-S to your daughter instead of you since you were just the cosigner.

If they do not issue this to your daughter instead of you, you will need to fill out a Nominee Return to tell the IRS this was not your income.

You could also choose to not report it, however, be prepared for the IRS to contact you asking why this was not reported since a copy of the 1099-S is sent to the IRS.  When they contact you, you will need to explain that this was your daughter's home and you were just a cosigner that did not receive any of the proceeds from the sale. 

[TomD8]

<<..you will need to explain that this was your daughter's home..>>

Was daughter's name on the deed/title?   

[Anonymous]

if her name wasn't on the title you have a reportable sale

the general rule of home ownership comes down to whose names are listed on the title of the home, not the mortgage.    

[Carl]

With rare exception, if you are the one who received the 1099-S then you are the primary borrower and your daughter was the co-signer. That "rare exception" is usually when the bank screws up and issues the 1099-S to the co-signer. So you need to check your copy of the paperwork and see who actually signed as primary borrower.

This doesn't change anything about how it's reported on the tax return. But you need to be informed when the IRS contacts you about this, so you can provide them provable facts.