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When my ex-husband and I split up several years ago, we

When my ex-husband and...

When my ex-husband and I split up several years ago, we refinanced our house and together bought a condo. I lived in the house, he lived in the condo (and our children went back and forth every week - the residences were a block apart). The house was sold several years ago, and in April of 2017 we sold the condo. I never paid any money for the mortgage, taxes, or insurance (this was in lieu of alimony or child support). I have recently received a 1099-S from the attorney that represented the buyers of the condo. I was not expecting the form and had already submitted my tax returns. I suspect I need to amend my tax return and at this point am thinking I ought to pay a professional as Turbo Tax is being rather vague as to whether or not I need to proceed. Your help advice would be greatly appreciated. Thank-you.

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Answered in 5 minutes by:
3/11/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,634
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Because the condo was not your primary residence, the closing attorney issued a 1099-S to you.

You will have to amend your tax return to report the sale of the condo.

You will pay capital gains tax on the difference between your basis (what you paid when you purchased PLUS any improvements and the closing costs to purchase) and the sales price LESS any closing costs to sell.

Because you and your ex-husband were co-owners, all of the figures you report will be 50% of the total.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,634
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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