<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">The 1099 is mechanical. In this case a week might suffice. Just an old tax attorney habit to create some breathing room between steps to avoid the IRS’s “step transaction” analysis. <div><br></div><div>I say a week because if mom really has no equity interest the risk would seem pretty remote. </div><div><br></div><div>John Sullivan. <br><br><div dir="ltr">Sent from my iPhone</div><div dir="ltr"><br><blockquote type="cite">On Apr 10, 2021, at 7:19 PM, Kary Krismer <Krismer@comcast.net> wrote:<br><br></blockquote></div><blockquote type="cite"><div dir="ltr">
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<div class="moz-cite-prefix">On 4/10/2021 6:46 PM, John J. Sullivan,
Esq. wrote:<br>
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<div class="WordSection1">Once that’s “old and cold,” the sale by
the daughter can close, be reported solely under her SS# on the
1099 and assuming she has fulfilled the ownership and residence
rules should be able to apply the full $250K exemption to 100%
of the sale. This also eliminates the complications of
characterizing it as a gift. <o:p></o:p>
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<p class="MsoNormal">John J. Sullivan<o:p></o:p></p>
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<p>Can you elaborate on aging the deed and how that matters for
1099s? I was unaware of any connection beyond being outside the
escrow for sale.</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
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