My partner and I are selling a property we that was our principle residence for several years, but rented it out for the past few years. When I enter the information into Turbo Tax, I am not sure if I split the Adjusted Cost Base and Outlays and Expenditures so that each of our returns reflects half, and split the proceeds in half as well? I have tried it both ways (not splitting the Adjusted Cost Base /Outlays so each of us are calculated against the full thing, and then splitting it in half between each of us) but the tax calculation is just way off so I know there's a mistake. So, in addition to knowing whether I should split adjusted cost base/outlays and expenses in half on the Turbo Tax forms to match the division of the proceeds, I wonder if you can also tell me if I need to somehow clear the form, as going back in and changing the data through the questionnaire doesn't seem to be changing the error either.
Thank you!