First off, the settlement statement, Form 1099-S does not report amounts after sales expenses. It reports the gross proceeds. From the back side of the form:
Box 2. Shows the gross proceeds from a real estate transaction, generally the sales price. Gross proceeds include cash and notes payable to you, notes assumed by the transferee (buyer), and any notes paid off at settlement. Box 2 does not include the value of other property or services you received or will receive.
Your $144,000 is exactly your half of the $288,000.
Sales information (this is where I get stuck)
- Asset Sales Price: $144,000
- Asset Sales Expenses: $9,000
- Land Sale Price: however much of that is allocated to land, for our example, 10% so $14,400
- Land Sale Expenses: $1,000 (10%)
Total sales expenses are $10,000
