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I sold a house after divorce and it was divided equally in the decree do i put the full value of the house or half

 
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1 Reply
Phillip1
New Member

I sold a house after divorce and it was divided equally in the decree do i put the full value of the house or half

It depends on whether there was a 1099-S issued to you, and what amount was reported on the 1099-S. 

If there was no 1099-S issued, simply enter half the sales proceeds and half of the cost basis in a single transaction.

If there was a 1099-S with half of the proceeds reported, simply enter half the sales proceeds and half of the cost basis in a single transaction.

However, if there is a 1099-S with the full sales proceeds reported in your name, you will need to have entries to reduce the net gain to the gain amount you actually received.

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