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posted Feb 25, 2025 12:32:04 AM

Do I use the Gross Proceeds or Allocation of gross Proceeds when filing. I was married at the time of the sale and am filing single.

My 1099 S has Gross Proceeds and Allocation of gross Proceeds. Which do I use when filing? I was married at the time of the sale and am filing single. We split 54% (Me) - 46% (spouse). Do I split the Adjusted Cost basis and Sales Expenses when filing?

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1 Replies
Expert Alumni
Feb 25, 2025 6:33:41 AM

Yes, split the adjusted basis, sale proceeds and the selling fees.

The program will look at this as one sale and will not allocate the gain, if any.

 

Enter only your portion of everything, the date purchased and sold. 

 

If you lived in the home at least 2 of the last 5 years, you may be able to take advantage of the exclusion of up to 250,000 gain on the house. 

 

HERE is a link explaining that exclusion