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Last year I sold my house that I owned with a parent. Spouse isn't on the legal papers. Parent and I paid the property taxes twice, do I divide the total paid?

Mom offered to be co-owners due to my not having enough credit to get it on my own. I wasn't married at the time of purchasing the house and hubby wasn't ready to share a house with me. Even though I lived in the house with my husband after he moved in, all three of us shared the responsibility of the upkeep (bills, upgrades, and general maintenance).  How do I input the information of the selling of the house without a 1099 and the property taxes that was paid if the split is between a parent and their adult offspring and not with a spouse? Do I split the total amount paid of the property taxes in half? The title company has provided us with the break down on how much each owner received when it was sold.
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1 Reply
Hal_Al
Level 15

Last year I sold my house that I owned with a parent. Spouse isn't on the legal papers. Parent and I paid the property taxes twice, do I divide the total paid?

Follow the money.  You deduct the share of the real estate tax that you actually paid.  You may count the share your husband paid.

 

If your mother received all the proceeds of the house sale, she is the only one who needs to report it since you didn't get a 1099-S. 

 

If this was her primary residence, and she lived in it 2 out of the last 5 years she does not need to report a gain of less than $250K. 

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