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How do I reflect the actual amount I profited from a house sale If my ex-wife and I split the profit and I'm filing single?

I personally made less than $250K but the program thinks I got 100% of the profit.
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1 Reply
Anita01
New Member

How do I reflect the actual amount I profited from a house sale If my ex-wife and I split the profit and I'm filing single?

If you each owned half the house, each of you claim 1/2 of everything, the cost basis  any improvements, the selling proceeds, not including mortgage payoff.  Your income makes no difference whatsoever.  You can each take a $250,000 exemption for the house, and if you have no taxable amount of profit over and above the exemption, and did not receive a 1099-S, you do not need to include the sale at all

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