1099-S Sale of Condo by two owners

Forum|Forum|11 months ago
April 7, 2025
1 reply
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Hello,

I owed a condo together with my son, paid 50K for it. The deed states that I had 90% ownership and he had 10%. It was my son's primary residence and I lived somewhere else. The property sold for 100K. Can he claim 100% of the sale proceeds? This way the whole amount would be exempt from Long Term Capital gains tax. We owed property for 5 years and he lived there for all this time. Note, we used my son's money to buy this place, but had to title it 90/10 for a special reason. I do have a proof that money was his.

I don't want to be responsible for paying taxes on 90% of proceeds, because 100% went to my son.

Thank you for advise.

Not A Product Question

RobertB4444

If he received 100% of the proceeds then he can put the sale 100% on his tax return provided you have not been deducting expenses from it for the last five years. If you were just a cosigner on paper and not deriving any benefit from the property then it was his primary residence and the sale belongs on his tax return.

@gytiss

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