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Deductions & credits
In general, assuming you are 50/50 owners, each of you would report half (half the cost basis, half the selling price, and half the gain).
If your divorce agreement says something different (like, "spouse A assumes full ownership of the second home and is responsible for all expenses and taxes") then follow your divorce decree.
A second home usually does not qualify for the capital gains exclusion, although that depends on the exact circumstances.
‎January 21, 2025
9:35 AM
1,654 Views