Question

Issued a 1099-s for a home which I was the co-signer on the loan

Forum|Forum|2 years ago
January 23, 2024
1 reply
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I was the co-signer on a loan for my daughter to purchase a home. she sold the home and received all the proceeds, I was not responsible for the loan payments. The IRS received a 1099-s in my name for the proceeds, which I did not receive, she also received a 1099-s. The IRS is now requesting me to file an amended form 1040-x.

V

Vanessa A

I am assuming this is for 2022 or a prior year. When you receive a 1099 that includes income for someone else, you can issue a 1099 to them basically removing the income from yourself and assigning it to them.

Since you did not do that, you can respond in writing to the IRS explaining the situation. You will likely need to include your daughters information (name, address, SSN) to let them know the income was hers. She will then need to file an amended return to pay the taxes on the income that was assigned to you if she did not include it already in her return.

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