Capital gains with two co-signers

[Dario Miles]

I'm hoping this question belongs here.

My family bought a condo a long while back.  I'm looking to sell, looking at a possible $330k in gains.  The loan/deed has myself and my mom on it.

We won't be filing a joint return, obviously, so can the capital gain be split between us, each reporting $165k on our taxes and avoiding the $250k limit for capital gains taxes?

And if that is the case, I assume each one of us would be taxed on that $165k at the normal income tax rate, subject to gross income, deductions, etc?

And if the above is the case, I suppose it would still be better to try to 1031 it?