My husband jointly owned a home in Illinois. The home was sold in 20247 and proceeds were split evenly. How do I report this? We live in Texas. Do I need to report this on both federal and Illinois state taxes?
We received a 1099-S for 100% of the proceeds, which was 50% of the sale amount. There were closing fees deducted from the payment we received, not reflected on the 1099-S.
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