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Level 1
January 25, 2022
Question

Selling a house

  • January 25, 2022
  • 2 replies
  • 16 views

I sold a house I co-owned with my now ex boyfriend last year. We purchase the house in 2018. I’m trying to file my taxes but I can’t figure out this part. The house was sold for $371,900. Do I just report my half of the sale price, $185,900? Do I even need to report this since I never claimed the house previously? 

    2 replies

    Level 15
    January 25, 2022

    You should report the sale of your home (your half) and your former co-owner should report their half.  You will report it as the sale of your primary residence.  You won't owe any taxes on it since you lived there for more than two years.  But you definitely do want to put it on your return.  The IRS will ask about it otherwise.

     

    Here is an article with more information if you like.

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    Level 15
    January 25, 2022

    If you would not owe tax because of the capital gains exclusion AND you did not receive form 1099-S, you do not have to report the sale at all.