Question

My partner bought out my share of our home and I signed a quit claim deed to release ownership. How will I report this exchange, or do I need to?

Forum|Forum|5 years ago
February 15, 2021
1 reply
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The total cash exchanged for this transaction was $100,000 and took place in December 2020. I also signed a real estate excise tax affidavit. I just need to know how to report this when filing my taxes.

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If you lived in the home as your main home less than two years, you may have to report a taxable capital gain if the amount you received is more than your half of the original purchase price. However, if you owned the home at least two years and lived in it as your main home for at least two years, then you do not have to report capital gains less than $250,000, unless you received a 1099-S when you sold your share.