Yes, you are reporting only your share of the income and expenses. If the form has both of your names, the IRS will understand seeing half on each return. If the form is in your name only, you need to give the other person a form 1099-S from you for their half of the income. You file it with the IRS separately. That completes the loop for the IRS to see who got what! Be sure to use the same tax year form. In your case, a 2020 form for 1099-S.
Instructions for Form 1099-S (2021) | Internal Revenue Service states:
You can enter into a written agreement at or before closing to designate who must file Form 1099-S for the transaction. The agreement will identify the person responsible for filing if such designated person signs the agreement.
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