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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15301
Experience:  15years with H & R Block. Divisional leader, Instructor
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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.


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?