House Sale - 50% Owner

taxquestion45

In 2023, I sold my main home that I was 50% owner in.

For my taxes, would I still use "Sale of Main Home" under uncommon income?

Also, for sale price, selling expenses, and purchase price, would I enter in half of the actual numbers since I am 50% owner.

Ex: Bought house for $1 milllion and sold for $2 million with $100k in expenses.

Would I enter: bought home for $500k, sold for $1 million with $50k in expenses?

rachels

Hi twooten1105,

If it was your main home that you lived in, yes, you would enter that sale in the "Sale of Main Home" section of your account. Menu path: Income > Uncommon Income > Sale of Main Home

You would enter in your portion of the sale price, selling expenses, and purchase price. As a 50% owner, you would enter in your half of each of those items.