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How is adjusted cost base calculated when doing a combined spousal tax return?
If you purchased a rental property for 100K, and you both own 50% of the property, is the adjusted cost base in a combined spousal tax return, 50K each or 100K for each spouse?
January 3, 2022
10:02 AM
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Troubleshooting
When using Turbo Tax Desk you will need to manually divide in half the amount for Proceeds, Adjusted Cost Base and Expenses and enter this information for each spouse. The amount will be reported on the individual Schedule 3 of each tax filer.
If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter
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January 5, 2022
1:11 PM
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Troubleshooting
Thank you for the information. It would be very good if Turbotax added that comment to their help panel within their application.
January 8, 2022
1:53 PM
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Troubleshooting
Thank you for the feedback, we appreciate it and we will be sure to let them know that this would be helpful.
January 13, 2022
12:28 PM