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Deductions & credits
You will need to manually adjust the sale price and cost basis to reflect your 50% ownership of the property.
Your brother will do the same on his tax return.
If ever questioned by the IRS, your deed will show the ownership percentages and serve as the basis for your adjustments.
It is not uncommon for property sale capital gains to be modified in this way to reflect joint ownership.
‎June 3, 2019
1:17 PM