If you did not live in the home for 2 out of the last 5 years you would not be eligible for the home sale exclusion. So you will be liable for capital gains taxes on your share of the profit.
A few things you can double check to be sure you are not over reporting your gain on the sale and paying the minimal tax possible on the sale.
- Did you enter only the amount that you received from the sale or did you enter the entire amount of the sale? You should only enter the amount you received.
- Did you enter all the selling expenses and your basis in the property?
- Are you married? If so, are you filing a joint or separate return? Depending on your other income and your spouses income and the profit from the sale, filing a separate return could lower your overall income which could lower your capital gains rate
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