Thanks for the response, this answer applies to rental income only and I understand it.
My question is when my wife and I sold a rental property and need to report capital gain. turbo tax has no place to enter the % of ownership ( 50% my wife, 50% myself) to calculate the proper capital gain.
example: the total capital gain of selling a rental property minus expenses is $100,000
50% taxable is $50,000. Co-ownership of 50% each so my wife's portion is $25,000 and my portion is $25,000
But turbo tax does not have this option to enter % of co-ownership when selling a rental property, so the number indicates on the form is $50,000 for each of us, which is incorrect and is double the $
thanks
