There are too many questions to be able to provide some guidance:
- The state of residency may have an impact
- We don't have privy to the divorce agreement
- While you may indicate that "you purchased 1/2 of the property", however a key here is whether this transaction was incident to a divorce.
- I'm going to recommend you meet with a tax professional and take along your divorce agreement
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
