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

[DianeW]

Was this your main home?

[Hal_Al]

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]

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 · Accepted solution]

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]

Thank you so much!