The sales expenses would be split between the two of you according to the percentage of ownership.
You will have no reporting requirement related to the sale of your primary residence if you meet the gain exclusion requirements unless you received a 1099-S from the sale.
See this IRS link for more information on the exclusion:
https://www.irs.gov/taxtopics/tc701.html
If you did receive a Form 1099-S for this sale, that means the IRS also got a copy and you will need to report this information into TurboTax.If it is only in one of your names, you may want the issuer to issue new ones.
This is how:
- Federal
- Wages and Income (Personal Income using Home and Business)
- Less Common Income
- On Sale of Home (gain or loss), click the start or update button. Enter your percentage under the sales expenses, cost basis, and selling price.
