@Valleychic7 wrote:
How do I put this in as an expense so I don’t pay $25,000 more than what I actually received?
Difficult to do with TurboTax and impossible to do with an online version of TurboTax.
You need to enter the full amount of the proceeds and then indicate on Form 8949 that you received part of the proceeds as nominee (i.e., enter Code "N" on Form 8949).
See https://www.irs.gov/instructions/i8949#en_US_2022_publink59421zd0e1924
Unfortunately, the foregoing requires an override (using Forms Mode in TurboTax) which will impede the ability to e-file the entire return.
