Home sale/ trailer home sale

Forum|Forum|2 years ago
February 26, 2024
2 replies
9 views

Taxpayer, Taxpayers spouse, and taxpayers parent (dependent who is on disability and AGI is under 5k) sold their main home which happens to be a trailer (car title) in a trailer park where they paid lot rent.

They said it was in all 3 of their names. How would I go about doing this?

Does the taxpayers parent have to file 1/3 of the sale and not be a dependent on the return?

Even though it a car title and there is no 1099-S form can they still get the home sale exclusion?

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George4Tacks

Level 15

Assuming all 3 of them were required to sign to release title and a check was made out to all 3 of them, then YES all 3 of them need to report their 1/3 of the proceeds. My expectation would be that all 3 of them qualify for exclusion and will have no net gain to report on the sale of their personal residence.

Answers are easy. Questions are hard!

MGC94Author

Level 7

If they all 3 qualify for the exclusion what do I do? There was no gain with the exclusion.

I just am wondering if the dad has to get off as a dependent

T

TaxGuyBill

Level 15

If you are SURE there is no 1099-S and it will be fully excluded, you don't need to report it at all for Federal income tax purposes. But perhaps the State or other things could be different.

Or you can report the sale (Home Sale Worksheet), where you enter the Basis, the Sale Price and then exclude the gain.

BobKamman

Level 15

Sold at a profit? That's one to send Ripley, unless it had been a rental and fully depreciated before they moved in.

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