Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
tarynkocl
New Member

I owned a house with someone and they bought me out. What do I file this as?

 
1 Best answer

Accepted Solutions
Hal_Al
Level 15

I owned a house with someone and they bought me out. What do I file this as?

If the gain was less than $250,000, you do not need to report it at all IF you owned and lived in the house for at least 2 of the last 5 years (the home sale exclusion rule).

View solution in original post

5 Replies
DianeW
Expert Alumni

I owned a house with someone and they bought me out. What do I file this as?

Was this your main home?
Hal_Al
Level 15

I owned a house with someone and they bought me out. What do I file this as?

Taxes are complicated. The answer to your question will be different depending on your answers to these questions:
1. Did you sell at a gain or loss?
2. Was a form 1099-S issued?
3. How was the house used (rental; other person's home, vacation home, your home etc)?
4, What was the purpose of your ownership (help friend/relative get a house or as an investment)?
5. How is the other person related to you?
tarynkocl
New Member

I owned a house with someone and they bought me out. What do I file this as?

1. I gained from selling my share of the house to the other person.
2. No, the house is in UK so I did not receive a form
3. This was my main home
4. I was living there
5. The other person is not related to me
Thank you!
Hal_Al
Level 15

I owned a house with someone and they bought me out. What do I file this as?

If the gain was less than $250,000, you do not need to report it at all IF you owned and lived in the house for at least 2 of the last 5 years (the home sale exclusion rule).

tarynkocl
New Member

I owned a house with someone and they bought me out. What do I file this as?

Thank you so much!

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v