House Sale - 50% Owner

twooten1105
twooten1105 Member Posts: 1 Newcomer
in General

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?

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Best Answer

  • rachels
    rachels FreeTaxUSA Agent Posts: 71
    Answer ✓

    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.

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