How to record Home Sale Proceeds

[Libraclassof05]

I sold a home in 2021. I’m still legally married to my spouse but we have been separated. The home was in my in my name but we spilt the proceeds from the sale in half. We are also filing separate taxes - I qualify to file Head of Household because we lived separately all last year and I have the kids…paid all housing expenses on my own. Do I record all of the home proceeds on my taxes since it was in my name? Would my spouse have to report any of that amount in their tax return? 

[AmyC]

Since you owned the house, I am hoping it was your main home. 

If it was your main home that you lived in 2 out of 5 years, you may not need to report the house sale at all. If you got a 1099-S with your closing paperwork, you will need to report the sale. It could also be in the mail. You can check with your agent. If you did not/ will not get one, the agent knew that you qualified to not report the sale.

 See Topic No. 701 Sale of Your Home. If your gain was below the exclusion amount, there will be no tax on the sale and you can report the whole thing.

You did not mention QDRO, since you are not divorced, so you would not fall under those rules.