My sister and I purchased a house in early 2011 for $60,000

The house was put in my name; not split with my sister

We recently sold the house for $126,000 and we had roughly $30,000
of expenses in fixing up the house.

My question is that since the house was in my name only, will I be responsible for all taxes on the net income even though my sister was a 50%partner with me. How do I report and show just my share of the net income on my tax return?

Thanks, Jerre

“My question is that since the house was in my name only, will I be responsible for all taxes on the net income even though my sister was a 50%partner with me.”---->I guess so; there can be many names on title;hoever, you have the right to claim possession of the property only if the property title is in your name. As your name is on the deed, you are the legal owner of the house. Also, as long as the property would be the collateral for your loan, it’d be yours and you are responsible for all taxes. If your sisiter’s name was not on the loan then, it wouldn't be on the deed and she would have no interest in the property unless it she gets it through inheritance. Your sister can, indeed, have signed a mortgage agreement without being on the title to the property. The deed is proof of ownership. The mortgage note is proof that you are responsible for paying back the loan. The mortgage is you giving permission to the lender to take the property if you fail to make the payments on the note. If you take your name off the deed, then you are giving up your share of ownership of the property. If your name is not on the note then you are not responsible for paying the loan. So leaving your name on the mortgage really has no effect on you at all.
“ How do I report and show just my share of the net income on my tax return?”---->If it is your MAIN home, then, it is not required to report the sale of your main home on your tax return unless some of the gain from the sale is taxable;some people may still want to report the sale to the IRS.If you received a Form 1099-S, Proceeds from Real Estate Transactions, and all of your gain from the sale is excluded, you can show the sale and the exclusion on your tax return so the IRS will see that the sale of your home was excluded. Keep in mind that this property cannot be a rental or vacation property.You can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. In the 5 years prior to the sale of the house, you need to have lived in the house for at least 24 months in that 5-year period. In other words, the home must have been your principal residence. Even though you received a 1099-S reporting the sale to the IRS, you are not required to report the sale of your home on your tax return unless the gain exceeds the exclusion amount. Schedule D instructions for states; If you sold or exchanged your main home, do not report it on your tax return unless your gain exceeds your exclusion amount.Any gain you cannot exclude is taxable.