My family sold our home in NY that was co-owned equally by 3 individuals (2 siblings + 1 parent). For the siblings, neither of us are residents of NY, and therefore filled out IT-2663 and already paid estimated taxes to NY. I'm now trying to figure out how to report this sale on my federal return (I'm a resident of WA so no state portion should be needed).
1) Should this sale be added to the federal return under "Stocks, Mutual Funds, Bonds, Other" > "Everything Else"?
2) When we are asked about "Net Proceeds" and "Cost or Other Basis", would we each divide the Sale price (Line 15 on IT-2663) as well as Cost Basis (Line 16 on IT-2663) by 3?
Thanks in advance
Yes, you found the right place to enter this. And yes, each of you would only claim one third of the relevant amounts. If your names were added to the deed by a parent, then this would have been a gift and, cost basis would be the same cost as your parent's. If you actually purchased your share, then your basis would be amount you actually paid plus your share of any improvements over the years.