Yes, you will need to report a home sale. In "Wages & Income" scroll down to "Less Common Income" and find the "Sale of Home" topic. You will enter your portion of the original cost plus your portion of any improvements made while you were an owner, as your cost basis. You will enter the amount the co-owner paid as the sales price and you can input any sales expenses as well. If there was any gain then you may qualify for an exclusion of up to $250,000 if you owned and lived in the home for 24mos of the last 5 years leading up to the buyout date. You will be prompted on that exclusion as part of the interview. There may not have been a form 1099S issued but you will be asked that question as well.
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