We sold our home and split 3 ways. We do all qualify for the capital gains tax exemption of $250k per person. When filing on turbo tax, purchase price is asked when filling in the portion for the 1099-S. For each person, do we report the same original purchase price of the home or do we have to split the purchase price as well?
When you enter the purchase price, enter the price for only your section. I hope that makes sense.
Split during purchase: 33/33/33
Split during sale: 70/30/0
Would the first person report the purchase price at 33% or 70%?