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Tax Question
Posted on 1/23/20 at 9:36 am
Posted on 1/23/20 at 9:36 am
My mother signed over power of attorney to me and I was put in charge of selling her home. The sale of the home was issued in her name, but the check was made out to me. It has been deposited under my name what do we need to do tax wise?
Also the house sold for $12,000 less than what it was purchased for.
Also the house sold for $12,000 less than what it was purchased for.
2
Posted on 1/23/20 at 11:51 am to tigerman2020
Did you give the money back to her, or are you keeping it?
Sounds like she sold her home. If you kept the proceeds, she then made a gift to you. That gift will, depending on the amount, require her to file a gift tax return.
If it's her personal residence, you can't deduct losses.
Sounds like she sold her home. If you kept the proceeds, she then made a gift to you. That gift will, depending on the amount, require her to file a gift tax return.
quote:
Also the house sold for $12,000 less than what it was purchased for.
If it's her personal residence, you can't deduct losses.
Posted on 1/23/20 at 2:07 pm to tigerman2020
You should have
1) Have her bank put you on her account.
2)Since you probably didn't do that you should have just endorsed the check over to her and deposited in her account.
3) It's her money not yours. Having power of attorney makes you legally responsible for her financial transactions.
4) I would consider writing a check to her and have it deposited in her account for the sale amount.
Since I am not an attorney I would ask the one who set up your PoA.
1) Have her bank put you on her account.
2)Since you probably didn't do that you should have just endorsed the check over to her and deposited in her account.
3) It's her money not yours. Having power of attorney makes you legally responsible for her financial transactions.
4) I would consider writing a check to her and have it deposited in her account for the sale amount.
Since I am not an attorney I would ask the one who set up your PoA.
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