AnnetteB6
Employee Tax Expert

Deductions & credits

There is not a specific section to report that part of the proceeds are not yours.  For your portion, you should only report your proceeds and adjust the basis of the property to represent your share of ownership.  

 

For example, if you owned 50% of an inherited home with a basis of $100,000 for the whole home, you would include $50,000 as the basis of the sale of your half of the property.

 

@turbokatheim 

 

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