". I can qualify for the exclusion of capital gains on my share 55k gain? "
Absolutely yes. When entering the sales information all of the numbers you enter on your return will be half of everything. That's half the stepped up cost basis, half the closing costs/sales expenses, and half the gain. Now one thing that you may have to deal with, is if a 1099-S was issued for the sale, and that 1099-S was issued to only one person, when the proceeds should have been split and reported to each of you on your own 1099-S. If you have this situation we can assist with that, if you need help dealing with such a scenario. (It's easier and simpler than you think.)
