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larrymunoz58
March 5, 2025
Question

I loaned my son $118,000 towards a home that was in both our names. It was his primary home and he sold in 2024 and I received $78,000 back. How do I report this?

  • March 5, 2025
  • 1 reply
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I received a 1099-S from the closing attorney. How do I report this on my taxes. As an investment? I lost money so do I owe taxes?

    1 reply

    V
    Vanessa A
    March 5, 2025

    Yes, you would report this as an investment.  You will enter the $78,000 as the sale price and the $118,000 as your cost basis unless he paid you some of it back, then you would lower the amount by the amount he paid you back.

     

     Unless you were charging your son interest and had this be an official loan it would not be considered a loan for tax purposes.

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