I owned a home along with my father. We sold this property in 2020, and we each received a 1099-s.
Now the total sale price of this house is 350,000$. I got half of this money, and my father got the other half. We each received a 1099-s, and the gross proceeds on each of our 1099-s is 175,000$.
We purchased this house several years ago for 200,000$.
Now I understand that I would report this home sale on Form 8949, and under (d) proceeds, I would put down 175,000$ (my father would do the same on his return).
My question is regarding column (e) cost or other basis. I am assuming that the total original cost 200,000$ would be split in half as well so my basis would be 100,000$ (as would my father's on his own tax return). Because if I put in the original total cost 200,000$ then it would seem like I sold the property at a loss of 25,000$ which makes no sense whatsoever. Some confirmation about this would be appreciated.
Finally I qualify for the primary home sale exclusion, so my capital gains of 75,000$ (175,000$-100,000$) falls well under the 250,000$ exclusion for single filers and I shouldn't have to pay any capital gains tax correct?
Thanks a lot for your help.
