This great tip comes to us courtesy of forum member @Chase Attwood.

This workaround lets you share a single set of headphones between your PC and your Xbox without having to keep switching the connection between them. Your headset will remain connected to your PC and you can swap audio as needed.

You will need the following parts:

• A computer monitor that has a built in 3.5mm headphone jack on the back or underneath the I/O panel. This is where you typically plug your HDMI or Display cables into it.
• A male to male 3.5mm cable (buy on Amazon)
• HDMI cable connected between console and monitor

Follow the steps below:

Step 1. Plug male to male 3.5mm cable into your computer's "Microphone IN" port on the I/O panel of the motherboard.
Step 2. After doing step 2, in the search bar (near start button) of windows open your audio control panel by typing in "Manage Audio Devices".
Step 3. Click on the "Recording" tab
Step 4. Find the device labeled "Microphone - Realtek(R) Audio" and click on it.
Step 5. After you highlight this device click on "Properties"
Step 6. Once in the properties click on the "Listen" tab then SELECT/CHECK THE BOX - "Listen to this Device

The audio from your console is passed into your monitor via HDMI, then it gets passed through the monitor's headphone jack into your computer's MIC IN jack via the 3.5mm cable. The computer sees the monitor as a microphone, so you can then "pass-through" the audio with the "Listen to this Device" function.

NOTE: Get a quality 3.5mm Male to Male cable! If you use cheap cables you will likely have a lot of noise problems and poor sound quality.