Taxable buyout?

[sundance9184]

I have owned my home with my partner for 4 years. We are splitting and he is buying me out of the home. I know with divorce the money is not taxable. We are not married so there is no divorce order. Is the money he is giving me to do the buyout taxable. I’ve read if you live there for 24 of the last 60 months it is exempt from sales tax. Since it’s only been 48 months, does this still qualify as exempt. And what form do I need for tax purposes at the end of the year?

[tagteam]

If you each owned and used the home as a primary residence for the last two out of five years leading up to the closing, then you each qualify for the $250,000 home sale exclusion (Section 121).

See https://www.irs.gov/publications/p523#en_US_2023_publink10008938

You don't need to have owned the property for the full five years.