TurboTax does not automatically split capital gains between spousal returns.
Each spouse must separately report the appropriate percentage on their own return.
Example: If you and your spouse purchased and sold 100 shares of stock and you paid 1/4 of the total purchase amount, you would enter information for 25 of the shares and 25% of the expenses on your return. Your spouse would enter the rest on his or her return.
T3/T5/T5008
joint investment holders: Each owner of a joint account is required to report
their individual percentage of the total income (interest, dividends, capital
gains, return of capital) according to the same ratio as their proportionate
contribution of funds to the joint account.
Thank you - that was very confusing. So T-slips are automatically split but capital gains and losses aren't. It would be nice if they were but I can live with that. I wish something about this would be posted on the form to clarify this right off the bat which would save a lot of searching
Thanks again.
davesuzuki
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adam-sockett
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mehran601
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bluemooncanada
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