The form 1099-s is in one person's name and there is a capital gain that needs to be split with another person.
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You split as the percentage of ownership. You split both the cost basis and the sales price.
Both taxpayers should keep a copy of form 1099-s in their tax records as well as the documentation supporting co-ownership.
You split as the percentage of ownership. You split both the cost basis and the sales price.
Both taxpayers should keep a copy of form 1099-s in their tax records as well as the documentation supporting co-ownership.
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