Selling expenses for a main home that was sold after divorce?
smoke14
Member Posts: 1 Newcomer
I received a 1099-S form for a home that I sold in 2024. It was bought in 2016 for $335,000 when married, and sold for $625,000 after divorce. Once the proceeds were split up, my portion was $143,000.
How should this be reported in the "Sale of Main Home" section? Should the "Selling expenses" just be the total sale price ($625,000) minus my proceeds ($143,000)… so $482,000?
I meet the requirements for the full exclusion of $250,000, so my understanding is that my taxable gain will be $0. But I want to make sure I'm inputting the right numbers.
0