TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Solved

Joint home sale and capital gains

Forum|Forum|1 year ago
February 10, 2025
1 reply
0 views

My son bought a house in 2017 and sold it in June of 2024. It was his main home and he paid the mortgage, property taxes, etc. For credit purposes, I was on the mortgage and deed as tenants in common. I live in a different state that does not have income tax, but his state does.

He owned 95% and I had 5%. The title company issued me a 1099 S for 5% of the home sale. He has the benefit of the 250k exclusion since he lived in the house for 7 years. I do not.

Do I report the 5% on the 1099S under the home sale form for tax purposes? And do I prorate the purchase, expenses. etc for the purchase and the sale?

I did not receive any of the proceeds from the house sale. It all went to the purchase of another home for my son.

I am also wondering if I have to file a nonresident tax return for his state.

Not A Product Question

Best answer by Vanessa A

No. Since you did not receive any portion of the proceeds from the house this will not be considered taxable income to you.

However, since you did receive the 1099-S, you will need to report the 1099-s on your return and then back out the income with a description of did not receive this income. Your son will need to report 100% of the proceeds from the sale of the house on his return.

To enter the 1099 -S:

Income
Sale of Home under Less Common Income
Enter the information from the 1099-S
Continue through

Then you will take the following steps to remove the income:

Income
Less Common Income
Miscellaneous Income
Other Reportable Income
Answer Yes to Any Other Taxable Income
Enter the description such as Did not receive proceeds from sale
Enter the amount on the 1099-S as a negative number.

Vanessa AAnswer

No. Since you did not receive any portion of the proceeds from the house this will not be considered taxable income to you.

However, since you did receive the 1099-S, you will need to report the 1099-s on your return and then back out the income with a description of did not receive this income. Your son will need to report 100% of the proceeds from the sale of the house on his return.

To enter the 1099 -S:

Income
Sale of Home under Less Common Income
Enter the information from the 1099-S
Continue through

Then you will take the following steps to remove the income:

Income
Less Common Income
Miscellaneous Income
Other Reportable Income
Answer Yes to Any Other Taxable Income
Enter the description such as Did not receive proceeds from sale
Enter the amount on the 1099-S as a negative number.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"