Sale of Home

[tuffbrk]

What is the name of your state (only U.S. law)? NJ
Not certain if I'm posting in the correct forum...

My Ex and I finally sold our home. I received a tax form in the mail from the purchaser showing net proceeds. The form only shows my name, not that of my Ex. Although the note was in my name only, we were co-owners of the property with both of us listed on the mortgage. Is the form that I received correct in reflecting only my name and SSN?

Any guidance would be appreciated. Thank you.

 

[davew128]

The form is only capable of showing one social number. I would question how you could be the only person on the note if both of you were on the mortgage......the note IS the mortgage.

 

[tuffbrk]

Sorry if I used wrong terms - the note being defined as the repayment to the mortgage lender with the mortgage being defined as the deed to the property.

Should two forms have then been issued? With half of the amount being reflected to each of the parties who received the net proceeds? I'm still confused about how to manage the net proceeds amount listed as compared to the funds that I actually received.

 

[LdiJ]

Sorry if I used wrong terms - the note being defined as the repayment to the mortgage lender with the mortgage being defined as the deed to the property.

Should two forms have then been issued? With half of the amount being reflected to each of the parties who received the net proceeds? I'm still confused about how to manage the net proceeds amount listed as compared to the funds that I actually received.

Was it your primary residence? Was the gain in excess of 250k? If the answers are yes and no respectively, then there is no issue to resolve.

 

[tuffbrk]

I was hoping you would weigh in Ldij! Hope all is well...

Are you saying that I would include it in my tax return but it will have no impact on taxes since it had been my primary and the proceeds were less than 250k?

 

[davew128]

There is no tax issue to resolve. There is no reporting requirement.

 

[tuffbrk]

Oh! Well don't I feel silly. Thank you for your time and patience.