My wife and I have 50-50 split Joint investment accounts. When reporting on T5008, is one spouse (it is me in my case) required to report details on T5008 with specified 50-50% split and the other spouse (in this case my wife) is not required to duplicate the reporting of T5008 using TurboTax Deluxe onLine?
Thanks
The person whose name is on the T5008 slip is the one who will claim it and just below when you enter the information you will put 50% to the spouse.
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Brenda, thank you for your quick response.
My query is as follows:
I refer to Joint Investment accounts with both my wife and my names on the T5008s.
When filing under "Couple-Reporting-together", after I entered all the T5008 details specifying "wife-husband" 50-50% split in my filing section, do I still have to duplicate the same set of T5008 information (such as cost (ACB), proceeds, 50-50% split, etc.) in my wife's filing section? It seems to me that when reporting 50% again in my wife's section, my wife and I will both be getting the 100% of all the respective reported amounts.
Your clarification will be much appreciated.
Thanks
You only need to enter the slip on one spouse's return. Once you indicate the split, the appropriate amount will be entered on the other spouse's return.