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Get your taxes done using TurboTax
Yes, if the proceeds are split 50% then you will only enter 50% of the purchase price. Please see Basis Adjustments for additional information.
Since he didn't meet the Eligibility Test, he may still qualify for a partial exclusion of gain. Your son can meet the requirements for a partial exclusion if the main reason for his home sale was a change in workplace location, a health issue, or an unforeseeable event. Please see Does Your Home Qualify for a Partial Exclusion of Gain? for details.
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‎February 19, 2022
11:51 AM