Co-borrower on property that was sold to buy a new property

Forum|Forum|4 years ago
February 24, 2022
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My daughter owned a condo that I was a co-borrower on the mortgage. She owned for approximately 10 years. She sold the condo in 2021 and purchased a new home. I am not on the new mortgage. I received a 1099s for the capital gain of the property. I did not receive any funds or use any funds. They were all used in the purchase of her new home. How do I put this in my taxes? I should not have to claim any capital gains since I didn't get anything.

MAK70

Sometimes the 1099-S is issued to the wrong person or they issue it to two people for the total amount on each.

"For multiple transferors of the same real estate, you must file a separate Form 1099-S for each transferor. At or before closing, you must request from the transferors an allocation of the gross proceeds among the transferors." Instructions for Form 1099-S (01/2022)

You can contact the issuer as request they correct it, but they rarely do and you cannot force them to.

If your daughter received the same 1099-S and reported the sale on her tax return there should be no problem.