house sale with divorce

[mcgyvette]

My husband and I divorced in 2021.  Sold the house and closed in Oct - split the proceeds 50/50.  Final divorce was November.  Do I just record the house sale for my 50% and use 50% of cost basis and $250,000 for capital gains?  Turbotax is asking for sale price, purchase price, and cost basis.  Do I just split all these in half? 

[JohnB5677]

You were wise to sell your home prior to the divorce.  You then had a Financial asset that you could allocate rather than the home.

In terms of accounting for the sale on your taxes.  If after accounting for the cost basis of the house, you did not exceed $500,000 of profit, you will not have to report the sale.

If only one of you is on the title, that person must report the sale.

If you are both on the title you will report 50% of the sale, and 50% of the exclusion.