As you are both 50% owners of the home, you each should only report the sale of your share, using 50% of each number: sale price, cost basis, sales expenses.
You should report as sale of a second home. Please note that if you have capital losses, they are not deductible as the second home is personal use property.
Your son will report the sale as the sale of his residence. If he has lived more than 2 years in the home in the last 5 years, he is eligible for the capital gain exclusion of $250,000 ($500,000 if married filing jointly).
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