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bahrieinn
New Member

Net proceeds and cost basis for nonresident house sale with multiple sellers

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

3 Replies
Anita01
New Member

Net proceeds and cost basis for nonresident house sale with multiple sellers

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.

bahrieinn
New Member

Net proceeds and cost basis for nonresident house sale with multiple sellers

Yes, our names were added to the deed a few years ago. When you say the "cost basis would be the same cost as your parent's", since we didn't actually pay anything, wouldI put down 0 for the cost basis, or is it still 1/3 of the total cost basis?
Anita01
New Member

Net proceeds and cost basis for nonresident house sale with multiple sellers

1/3 of the original cost of the house,plus 1/3 of the cost of any improvements made over the years if you know the improvements amounts.
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