Yes, you can report this by:
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income.
- On Sale of Home (gain or loss), click the start or update button.
When it asks for the sales proceeds, make sure you indicate it was for $233,000. Also when it asks what the basis of the house was, which includes what you purchased the house, improvements that were made, or costs that incurred when you bought the house, cut that amount in 1/2.
Your brother will need to report this on his income tax return in the same manner described above.
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