My wife and I are married filing separately this year. Last year we sold our home. On who's return do we report the sale or do we have to put it on both?
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New Member

My wife and I are married filing separately this year. Last year we sold our home. On who's return do we report the sale or do we have to put it on both?

 
3 Replies
New Member

My wife and I are married filing separately this year. Last year we sold our home. On who's return do we report the sale or do we have to put it on both?

If you want to split the 1099-S 50/50 between the two of you is fine. When a married couple sell their primary residence that they have lived in for at least two of the last five years, the IRS allows a capital gain exclusion for that sale.  For a married couple filing separately, the exclusion is up to $250,000 for each spouse, and up to $500,000 for a married couple filing jointly. For more information on the capital gain exclusion see this Link:

https://www.irs.gov/taxtopics/tc701.html 

To include the 1099-S that you should have received from the sale of your home follow these steps:

Please follow the steps below to include your 1099-S on your tax return:

• Go to Federal Taxes

• Select Wages & Income

• Click I'll choose what I work on

• Scroll down toward the bottom and find the "Less Common Income" section 

• Select Start next to Sale of Home

• Go through this section and include your 1099-S information.

Level 1

My wife and I are married filing separately this year. Last year we sold our home. On who's return do we report the sale or do we have to put it on both?

My wife and I both got form 1099-S for the full sale price of the house, but we are filing separately. How do we deal with this?

Employee Tax Expert

My wife and I are married filing separately this year. Last year we sold our home. On who's return do we report the sale or do we have to put it on both?

Yes that is common for joint property to receive the same 1099-S for the full transaction.  Follow the steps outlined by SeanE1 above for each of you to report half of the sale on your respective returns.  

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