Question

1099S

Forum|Forum|6 years ago
March 24, 2020
1 reply
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I received a 1099S for he sale of my son's home. I was listed with him on the title as required by the bank for co-signing the loan. He paid his mortgage and everything was in proper order at sale. So, he received the entire gross proceeds. How do I handle this with the 1099S filing?

ReginaM

The IRS matches up these documents to your tax return.

Talk with your son, and make sure he has reported ,100% of the proceeds on his tax return, and I would ask for a copy of his return for back up (just in case the IRS asks you later why you didn't report it)

Just as long as one of you reports this on your tax return to the IRS, you are okay. The IRS may send you a letter and you will need to let them know what took place.

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