- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
I would conclude that when you both bought the house each had an equal share so your initial cost basis is 1/2 the cost including applicable closing costs. To that you would add what you paid for improvements. This is your total tax basis. You will have a capital gain if your share of the sales price you receive less your share of the closing costs on sale exceeds your tax basis. A loss would not be deductible.
‎December 5, 2023
8:43 PM