Wife and I purchased townhome April 2012 for 140K. Sold in Jan 2013 for 165K. Made 10K in improvements while we owned it. Got a divorce in June 2013. How do we report the cap gains. split in half on our individual 2013 returns? Also, never received a 1099S from the title company? Thanks

it depends on divorce decree; An attorney can provide divorce advice on how to determine the gain on the sale of the home.thestcg of $15k aslongas you find that you have a taxable gain and you and your spouse are equally responsible for any taxes due, the divorce advice provided by your attorney will likely recommend that you insert a clause in your divorce agreement that states: The parties agree that the real estate shall be sold as soon as possible and the net proceeds (after all expenses directly related to the sales of the property have been deducted) will be divided equally between both parties