Question

I sold my home and had the check cut to my son directly from closing. Should I enter that 1098 and forget about doing the sales information?

Forum|Forum|4 years ago
February 1, 2022
1 reply
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I sold my home last year, however I gave the proceeds from the sale directly to my son. He was on the deed (not the loan) and I had them cut him the check in his name. I still have interest that I paid last year. Just wondering if I just enter that 1098 and forget about doing the sales information, since I didnt receive the money?

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Z

ZoltanB45

Unless the profit of the sale of your home was $250,000 and you're single or $500,000 and married, you would not report the sales anyway. If you did have a gain greater than the amounts above, then it would have to be reported. We would then ask whose name is on the 1099-S form. That is who would report it on their tax return.

Answering your other question, you can include the 1098 information on your tax return.