Thank you for choosing TurboTax.
To report and split your capital gain follow the below steps.
- At the top of the page, you will see the "find" button click it and find "Capital Gain and Capital Gain Deduction profile".
- You need to select the first options and continue.
- In the first line, you will select "Real estate/depreciable/other".
- Enter a spousal percentage in the second line.
- In the 3rd, 4th and 5th lines leave blank in your case.
- In the 6th line enter a year when you purchased a cottage.
- In the 7th line enter a day and month of the year 2020 when you dispose of the cottage.
- In the 8th line enter the selling price of a cottage.
- In the 9th line enter the purchase price of a cottage.
- In the 10th line enter other expenses like legal fees, depreciation, legal fees.
- The Last line leaves blank and clicks to continue. On the next page, you will see a capital gain or loss.
Before you apply the above steps kindly read the article Can I Split My Capital Gain With My Spouse?
