Does the "EasyStep Interview" properly divide the total "adjusted cost base cost" and "proceeds of disposition" on our income tax forms to reflect at 50/50 ownership?

My wife and I co-owned our principal residence (50/50 ownership) and sold it in 2018. After reviewing the CRA rules, when a home is owned jointly by a couple and each owns 50%, each will report 50% of the proceeds on Schedule 3 or the T2091. With this in mind, the TurboTax software appears to only have fields for the total "adjusted cost base cost" and total "proceeds of disposition". Can you confirm that the "EasyStep Interview" approach, properly divides the total "adjusted cost base cost" and total "proceeds of disposition" on our income tax forms to reflect at 50/50 ownership?

1152

Moderator

Oct 30, 2019 9:36:32 PM

Unfortunately, TurboTax doesn't automatically split the amounts. So for both "adjusted cost base cost" and total "proceeds of disposition" you would have to put in half the total for each partner.

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Does the "EasyStep Interview" properly divide the total "adjusted cost base cost" and "proceeds of disposition" on our income tax forms to reflect at 50/50 ownership?