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My mom and I owned a condo together and just sold it. I had

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a loan out and she...
My mom and I owned a condo together and just sold it. I had a loan out and she didn't. Escrow paid my loan off and then split the money 1/2 and 1/2 which was not supposed to be the case. We are 50/ 50 owners but the loan was only in my name. will this mess up taxes?
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
10/30/2015
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,238
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Well, it depends upon how the 1099s are issued. In theory, if you were 50-50 owners & it wasn't either of your personal primary residences, the 1099-S should be issued equally to each of you (which reports the gross sales price 50% to you & 50% to your mother); then it is up to each of you to report 50% of the transaction on your tax returns and to settle up the split of the proceeds between the two of you. That proceeds split will have nothing to do with the tax reporting.

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Customer reply replied 2 years ago
Thank you! If there is a loss on property value, do we have to indicate anything now, or just when we do our taxes?
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Just when you do your taxes. However, if this was personal use property (verses a rental), any loss would be reportable, but not deductible. Any gain would both be reportable & subject to capital gains tax.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

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