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TP divorced in 2023. TP lived in host until sold in 2024. $400K gain to report. Former spouse retained share in home and net funds after sale were split. 1099-S was not provided by closing agent. To benefit from the capital gain exclusion, do I just split all the figures in half and report only TP's halves as the sales price and expenses? Do I split the basis in half? Is there a worksheet or form I should use to apportion everything so both parties can use the exclusion.
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The 1099-S was in the closing documents package.
If they both owned it and the split was 505/50 then they each report half of proceeds and half of basis.
I work it up on an Excel spreadsheet.
The more I know the more I don’t know.
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The house was still in both names when sold? Maybe no 1099-S was issued, or maybe the client is too lazy to track it down. Divorced people are sometimes like that. I would want to see the 1099-S, or at least the closing statement, before going much further.
