Yes, you can split the proceeds from the sale of your primary home between the 2 couples who own the property. Each couple should report their share of the sale of their individual tax returns. Determine each share of the selling price, sales expenses, purchase price, purchase expenses, etc, to report each couple portion of the sale.
Please follow the steps below to include your share on your tax return:
• Go to Federal Taxes
• Select Wages & Income
• Click I'll choose what I work on
• Scroll down toward the bottom and find the "Less Common Income" section
• Select Start next to Sale of Home
• Go through this section and include your 1099-S information.
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