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Good morning. If you are each taking 1/2....report 1/2 of the total sale price less 1/2 of the total basis in the property.
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Even though you have a joint tenancy situation, you do not each report 100% of the gain....otherwise you would be in the aggregate reporting twice the gain on the sale. You are each deemed to own an undivided 1/2 interest in the property for tax purposes so you each are entitled to 1/2 of the of proceeds from sale and 1/2 of the basis in the property. Then you each have a $250,000 exclusion.