- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
When asked for the proceeds in the Investment and Savings section, you should enter $15,000.
Even though the form shows the total house price of $75,000, the "Allocation" line is the confirmation that your share of the proceeds is only 20%. Reporting the full $75,000 would cause the IRS to think your share was much higher than it was.
March 14, 2026
8:24 PM
755 Views