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posted Mar 25, 2025 9:56:52 AM

sale of a property in illinois while residing in Texas

My husband jointly owned a home in Illinois. The home was sold in 20247 and proceeds were split evenly. How do I report this? We live in Texas. Do I need to report this on both federal and Illinois state taxes?

We received a 1099-S for 100% of the proceeds, which was 50% of the sale amount. There were closing fees deducted from the payment we received, not reflected on the 1099-S.

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1 Replies
Expert Alumni
Mar 25, 2025 10:01:53 AM

Yes, you will need to report the sale on your federal return, and a nonresident Illinois return.  You will enter the 1099-S proceeds, then add the closing fees to the basis to reduce the taxable amount.