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Returning Member
posted Apr 24, 2021 11:20:17 AM

Sale of property - not primary residence

I was co-signed with a family member (not spouse) on a property in order for them to qualify for financing and this was sold in 2020. I did not pay into the property, live at the property nor receive any proceeds from the sale. Do I have to complete the forms to declare in 2020 and the proceeds from sale though I received nothing?

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1 Replies
Level 6
Jan 12, 2022 9:25:35 AM

We appreciate you choosing TurboTax,

 

You do not have to report any capital gains on the sale of the property if you do not take any benefits from it. Even so, it is always recommended that you keep proper documentation to support in case you are asked to show them.

 

In 2020, you don't have to declare the proceeds from the sale since you received nothing.

 

Please contact our phone support team or contact us directly on Facebook or Twitter if you require further assistance.