If we file taxes separately, who takes the gain of the jointly owned home? Can we divide the gain in two?

Asked over 1 year ago - Miami, FL

Or does one of us have to take all gain? Thank you.

Attorney answers (3)

  1. Alicia Simone James

    Contributor Level 10

    2

    Lawyers agree

    1

    Answered . Yes. If you are married and jointly own the home the house is a marital asset. You may divide the proceeds equally. But, be careful. You may not need to report the income if you meet certain criteria. A quick talk with a Florida tax attorney may help you make a decision on the tax treatment. Don't pay taxes unnecessarily.

    My comments are NOT LEGAL ADVICE. They are for informational purposes only. Actual legal advice can only be... more
  2. Wesley Kent Hill

    Contributor Level 14

    3

    Lawyers agree

    Answered . I believe that for joinly owned assets that are sold, the proceeds and the basis are split with each of you taking half. I would take great care in evaluating if you really have a gain. Also, if you do, I would make sure that it is one that would be taxable before reporting. There are situations where gains are not taxable or may be deferred with proper planning. Don't hesitate to get advice from a professional. It may save you money.

    Best wishes!

    Wes Hill

    This response does not create an attorney client relationship nor should the advice be relied upon because it is... more
  3. Bruce Givner

    Contributor Level 18

    2

    Lawyers agree

    Answered . Divide the gain in two.

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