Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

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Pioneer
Posts: 1
Registered: ‎02-07-2014

Home Sale ? - Joint Ownership of House - 1099-S and 593-C

I'm currently filling out escrow docs for the house me and my girlfriend are selling. The 1099 certification and 593-C forms are asking the ownership percentage. We have joint ownership of the house. I work and my girlfriend stays home with our son. I claim the house each year. The funds from the sale of the house will go to my bank account after escrow is complete. Do I put 100% ownership and my girlfriend puts 0% ownership. The title company gave me various answers 100/100, 50/50, 100/0. Not too much help from them.

Tax Pro
Posts: 5,722
Registered: ‎02-23-2016

Re: Home Sale ? - Joint Ownership of House - 1099-S and 593-C

Hi EvanT,

 

 

Welcome to the H&R Block community.

 

Who is actually on the title (the legal owner)?  If you're both on the title you are both owners.  However, if you are the only one working and you put all of the money into the house then your ownership percentage is 100% and you can report the sale only on your own tax return.  So if you have put all of the money into the house yourself it would be 100% and 0%.

 

Also, if you have lived in the house (it was your primary residence) for at least two out of the last five years, if you owned the house for at least two out of the last five years, and if you haven't taken an exclusion from income on the sale of a home in the last two years, then you can exclude the first $250,000 from taxable income.  If you were married it would be the first $500,000 that you could exclude.  So you may not have any taxable income to report from the sale of this home.

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)