You'll need to sign in or create an account to connect with an expert.
Please try posting your situation in complete sentences with details. There is plenty of room for you to do that instead of trying to put a complicated situation in shorthand for us to interpret.
I was limited to 170 characters by the software. While in the process of getting a divorce, my son sold his house that was jointly owned with his wife. He wanted to buy a house for himself, but his wife wouldn't sign the papers even though there was a document saying she had no liability. That being the case, I purchased the home with the intent of selling it back to him at my purchase price once the divorce is finalized. He is paying me monthly to offset the home equity loan that I used. I don't plan to try to take any deductions. Are ther any tax implications that I need to be aware of?
Are there any tax implications that I need to be aware of? NONE.
The 170 character limit is only for the subject/title box for a brief description of your question. There was a bigger box below for the full question and details.
@mschwartz1978 Although @CRitter3 is correct that there is no reason you will have any tax liability, you could have a reporting requirement, since you are selling the home. If you receive a Form 1099-S, for example, the sale is reported to the IRS. You would need to report the sale in that case so that the IRS does not treat the entire proceeds as taxable income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sophiarrykim
New Member
sherryskin
New Member
kmg365
New Member
syoung123
Level 5
m-alee-4
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.