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Solved

Home Sale Split Profit

Forum|Forum|1 year ago
April 6, 2025
1 reply
0 views

Report Home Sale Profit if proceeds were split

Best answer by AnnetteB6

It means that if you split the profit, then the cost basis of the property should also be split the same way.

For example, if the house was sold for $100,000 which you split with another person 50/50, and the cost basis of the house was $80,000. Then when you report it on your return, you would enter $40,000 as your cost basis and $50,000 as your sale proceeds. That would give you a gain of $10,000 and the other person a gain of $10,000.

If your home sales profits were split, you will enter your share of the income and the proportional share of the basis.

jslater19Author

Thanks for your response, now if I only knew what it meant :). Proportional share of the basis?

AnnetteB6Answer

It means that if you split the profit, then the cost basis of the property should also be split the same way.

For example, if the house was sold for $100,000 which you split with another person 50/50, and the cost basis of the house was $80,000. Then when you report it on your return, you would enter $40,000 as your cost basis and $50,000 as your sale proceeds. That would give you a gain of $10,000 and the other person a gain of $10,000.

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