I'm wondering how the situation I explain below will affect my taxes as I am preparing to file. In 2019 I sold my interest in a single family home I jointly owned with a former girlfriend. We were never married. We bought the house in 2008 for $380,000 with both our names on the mortgage. We were both occupants in the home until 2015 when I moved out. After moving out I continued to pay my half of the mortgage until January 2019 when I accepted an offer to have her buy out my interest in the home. At that time about $200,000 remained on the mortgage, and my take away was $40,000. She has since refinanced the home and my name was removed from the mortgage and title. So I'm wondering how I declare this on my 2019 taxes. Is there a specific form I should be filing for this kind of situation? Should I expect to be taxed on my income from the buyout for such a situation?
