I received a 1099-S of a home I inherited . It has both my name on it and my uncle's name on it. The gross proceeds were $75,000 which was split 50/50 by the closing company at the time of sale. The 1099-S shows $75,000 while I received $37,500. I inherited the home while my uncle bought out my brothers interest in the home at the time for $10,000, so my uncle became part owner instead of my brother. Do I have to report the full $75,000 or just the $37,500 I actually received? My uncle also has a copy of the 1099-S which he will report on his on his taxes.
