Hi, my ex-wife and I are selling our home and I am trying to understand what capital gains we may owe if any. We originally purchased the home for 252k back in 2017 and are selling it for 459k. Our proceeds will be about 113k total that we are splitting. The title company is issuing each of us a 1099-S. We both qualify for the the exemption since it was our primary residence and we both lived there for at least 2 out of the last 5 years. We are filing separately for the 2024 tax year. Do we each use 50% of the basis and 50% of the sale price and get the 250k exemption? It seems to me we both fall well under the 250k threshold for our share and should not owe any capital gains tax. Any help would be appreciated.
