- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Sale of Rental Property if shared with Family Member
Hello,
I have tried to find my answer online, but could not find much.. I will try my best to explain my question.
I sold my rental property in January of 2022. The rental property was a 50/50 with my brother. Sale was shared 50/50 with my brother.
How do i report this sale on turbo tax? Capital gains etc how is all that inputted if the sale was a 50/50?
Example: Lets say the property was bought at.. $200,000 and sold at $400,000 split 50/50?
Sorry if i am not explaining this properly... this is also not a principal property.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Troubleshooting
Cd/download premium edition.
I kinda understand what I need to input under capital gains purchase price of condo vs Sale etc with expenses... but do I input everything as 50% since everything was 50/50 with my brother?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Troubleshooting
If you had half ownership, then you would enter half of the sale price as your proceeds of disposition. For the other things like adjusted cost base and expenses, if they were identical to your brother's, then you can also enter 50%.