On your tax filing simply list the property as a 50% ownership and your brother would do the same on his filing. It would have been smarter to have your brother's 50% share of the proceeds paid out at the closing and show up on the settlement sheet document. However, if you keep proof of making the payment to hime you will be fine. The capital gains tax cannot be avoided but it can be less than 15% if a persons income is low enough to qualify.
Dennis (cut2it)
PS... Your true profit will not be $49,500 since all of the closing costs are deductible items.
NCP
Investment R.E. Broker 30 yrs. & past owner of Mortgage Brokerage Company.