ok thanks.
So since my brother and I each one of use received a 1099-S form (with the split amount of the sale), we should also split the cost of the house when it was originally purchased (i.e. purchase price 405000, each one of us will need to repost 405/2 = 202.5)
Do we need to report this to IRS and pay the taxes before April 15 of 2025 or do we need to do an earlier filing? Somebody mentioned to me that maybe you can file this earlier and pay the taxes and then also report it later on. Thanks.
