In 2016, I updated the deed to my late husband's vacant land to myself, and my 2 sons (I wanted to keep the vacant land deed separate from my house deed that is in my name).
In 2017, I sold the vacant land for $28K more than my husband had purchased it for. Lawyers fees for selling this vacant land was $1,021.80. I only have the reporting letter from the lawyers for the sale of the vacant land.
At a loss as to how to complete the capital gain section of Turbo tax. I expect that I will have to split the 'gain' 3 ways and perform the same steps in Turbo tax for each of my sons as well.
I have worked in Turbo Tax for many years, but this is the first time inputting for Capital Gain section and want to complete it correctly. Any or all help would be wonderful
Yes report your share (1/3) of the proceeds, Adjusted Cost Base and expenses on your tax return under the Capital Gains section of Turbo Tax. Then repeat this for each of your sons.
Thank you so very much, Terry, I will split the proceeds, ACB and expenses (Lawyer, commission etc) accordingly on each of the 3 returns.