KrisD15
Expert Alumni

Investors & landlords

The 1099-S is already split according to your post, so that would not be reduced, but the selling costs and improvements would be. 

 

Please be aware of how your names were on the deed, if as a Life-Estate, your basis (what the gain or loss is calculated on) would be different than if you purchased the home with your other family members. 

 

You can ask the closing agent how you were on the Deed, they should know. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"