When you and your former spouse sell a home the 1099-S you receive will typically show the full selling price of the property in Box 2. However, for tax filing purposes, you can report only your share of the sale.
Each of you can report 50% of the sale price, 50% of the cost basis, and 50% of the selling expenses on your individual tax returns. This ensures that only your portion of the gain or loss is accounted for.
IRS Resource Links
🔗 Form 1099-S Instructions - scroll down to section on Multiple Transferors and the subsection on Spouses
🔗 Publication 523, Selling Your Home
