Yes, it is the sales price for you. Since you sold your half of the house, the 1099-S for $75,000, is entered on your tax return. The date sold and sales price are the easy part. The IRS will match up your 1099-S with your Sch D.
Determining the basis is the more complicated part.
You will add half the selling fees listed above to your basis.
What we don't know is your basis in the house.
- Did she give you half the house - then your basis is what she had put into the house at that point.
- Did you pay for half the house?
- Did you pay for any improvements?
For example:
- She put you on the deed 20 years ago and had paid $80,000 for the house. She gave you $40,000. After that, she made improvements to the house. That would not change your basis in the house from $40,000
- If she just added you to the deed the week before the sale, then half of whatever she put into buying and improving the house is your basis.
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