Question
House sale and capital gains after divorce
My ex-wife and I sold our home following our divorce in 2024 and I am trying to understand what capital gains I may owe. I am filing as single . We originally purchased the home for $195.5k in 1987and we sold it for $620k. I received a 1099-S indicating gross proceeds of $310k which is half of selling price. To determine any capital gains Turbo Tax is asking for the selling price, sales expenses, and cost basis of home. I am assuming that I report one half of each of these. Is this correct?
