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Question

My roommate and I sold our home last year that we co-owned equally for about $300,000, and we split what we made. How does this affect our taxes?

Forum|Forum|1 year ago
January 18, 2025
1 reply
0 views

We lived in this home together over 3 years and we are aware of the $250,000 tax exclusion for real estate sales. I just need clarification for this on our situation as we are not married, but co-owned and split the sale equally. When we signed at closing, there was a tax document that would report the sale of our home to the IRS because we 'made over 250,000 from the sale' and were not married.

Employee

As long as each unmarried co-owner satisfies the two-out-of-five-year ownership and use tests, each gets to exclude up to $250,000 of their share of the gain from the sale.

cass-turczAuthor

Yes, thank you. We both lived there over the past 2 years before the sale. Should we expect some paperwork to come in the mail about the gains for our tax filing? Even though we can both exclude fully what we gained since it was split equally.

Employee

You would get a 1099-S. If you don’t get it you don’t have to report the sale Your realtor should be able to tell you whether you will get the form.