It depends. Was there an estate? If there was no estate—and you and a co-owner each received 50% of the proceeds—report half the sale on your tax return. The other beneficiary should report the other half.
If there was an estate, the estate will file its own tax return and issue you a Schedule K-1 for your half, which you will report on your tax return.
If the 1099-S shows the entire sale proceeds in your name, send a 1099-S to the other owner for their half. List yourself as the payer and the other owner, as the recipient.
You will also file Form 1096. On this form list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here: Click here to order forms or publications from the IRS.
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