How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13994
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

In May of 2015, I helped my nephew purchase a new home by

Customer Question

In May of 2015, I helped my nephew purchase a new home by assuming the debt on the home he already owned. He owed $109,000 on the house. While I twas financially responsible for this, my nephews name remained on the deed (with mine) and he continued to pay for the house until it sold in November. The house appraised for $210.00 and sold for $180,000. I did not receive any of the proceeds from the sale of the house. Am I responsible for the capital gains taxes?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

If your nephew was the only owner of the property then it would be his obligation for reporting the sale and not yours.

If your name is ***** ***** deed the reporting is split between the 2 of you. Did you receive a 1099S for the sale of this property?