Do the parents claim the sale of home if they own it with the child but the child lived in the home,paid the mortgage payments

[Suesabell]

the child paid the mortgage.  They were more like co signers, but their name was on the house for the mortgage

[itonewbie · Accepted solution]

To make a determination, you'd need a lot more facts than the little we've been told thus far.  You may like to refer to this very detailed and protracted discussion on TaxProTalk: https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=4110

[Suesabell]

The parents sign on the loan with the child in order for the child to get the loan, all three are on the mortgage, but only the child paid the payments and only the child lived in the home.  Now the home sells and the 1099S comes in the fathers name.  Does the father have to claim the 1099 S? The home and the loan are in all 3 names. All three are on the home as well.

[itonewbie]

Have you read through the discussions in the link?  What's your take on how your client's fact pattern would fit in in that respect?

[Suesabell]

I did and did not see that the same as mine.

[itonewbie]

If you don't think it's the same, you need to read that in more details.  The underlying technical issues are clearly discussed in that thread.  In case it doesn't help you, you may consider referring your client to someone who is more experienced in this area.