When listing the cost-basis for jointly owned property, do I divide all of the costs in half?

[skylands]

My mother and I jointly owned our home that we sold. The 1099-S lists our share of the gross profits, but as for listing the original purchase price and cost-basis, do I divide everything in half? For example, if my gross profits were $50k and the original house price was $100k, do I type that the original house price was $50k?

[LinaJ2018 · Accepted solution]

Yes, that's correct. You would enter your share of the cost basis which is the $50K.