- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I'm not an expert but I think you need to report this as either a capital gain or loss.
Also, the amounts you would use depend upon whether you live in community property state or not, and if not, whose names were listed as the owners of the property before the sale. It could also vary depending upon whether or not the house was owned before the marriage and the length of your marriage. Your divorce decree could also contain information regarding who pays what taxes and how they are distributed between you and your ex.
Capital gains are discussed here https://www.irs.gov/taxtopics/tc409
A link to the Capital Gains form (Schedule D) is here
https://www.irs.gov/forms-pubs/about-schedule-d-form-1040
You may want to consult a tax professional in your state.
**Say "Thanks" by clicking the thumb icon in a post