Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
barriethesen
New Member

Form t2091 capital gains split between co-owners.

form t2091 capital gains split between co-owners.  My spouse and I are jointly filing.. Do we both fill out the t2091 form with 50% each?  I did it for myself at 50% but nothing shows up for my wife's turbotax.  50% of the capital gains correctly shows up on my Schedule 3,  but no amounts have shown up on my wife's Schedule 3?

7 Replies
lboquist
New Member

Form t2091 capital gains split between co-owners.

where do I find schedule 3
TurboTaxMonica2
New Member

Form t2091 capital gains split between co-owners.

To see your complete Schedule 3 form, you will need to go into Forms mode (assuming you are using the TurboTax CD/Download). Then search for S3 and it should show up in the list of forms.
TurboTaxMonica2
New Member

Form t2091 capital gains split between co-owners.

If you are in Forms mode, you will need to search for PRWS. That is the Principal Residence Worksheet. 

In the third column, ensure you answer the questions in the third column (I've attached a picture for how you should be answering these). You will still need to switch over to your spouse's return and enter her cost amount and her proceeds.


If you are in Easy Mode, under Income & Expenses => Principal Residence, ensure that both yourself and your spouse is checkmarked on the first page. Then it should show you the summary page. If on the summary page, there is only one property entered for you, you can add property for your spouse. BUT when they ask you "who disposed of this property?" just say only your spouse, otherwise it will duplicate the entry. Just fill out the questions and only answer from the perspective of your spouse.

If on the summary page you do see the property under your spouse, then you may need to go in and edit the information in there.

If the property was your principal residence the entire time, then you should not see any gains reported on the Schedule 3. 

ksala
Level 1

Form t2091 capital gains split between co-owners.

You wrote:

 

If you are in Forms mode, you will need to search for PRWS. That is the Principal Residence Worksheet. 

In the third column, ensure you answer the questions in the third column (I've attached a picture for how you should be answering these). You will still need to switch over to your spouse's return and enter her cost amount and her proceeds.

 

 

I see no picture.

 

In column 3 of PRWS, the last two questions are not clearly understood to me.

 

My wife & I have to pay capital gains on a property which we jointly own.  The T2091 gives us the correct amounts but I cannot see a way to get TurboTax to split the capital gain 50-50 with my spouse.  I have had to override the amount shown on line 12700.

 

Can you explain how to do this in TurboTax WITHOUT an override?

 

 

TurboTaxSusan
Moderator

Form t2091 capital gains split between co-owners.

@ksala You just need to answer "YES" to the top two questions in the third column, if both of you sold the property and both of you are receiving part of the money from the sale.

 

If you are still not able to resolve this issue, please contact our phone support team at 1-888-829-8608.

 

 

 

 

 

ksala
Level 1

Form t2091 capital gains split between co-owners.

Already had answered "yes" to the two top questions in column 3 but this still doesn't allow to split the capital gains - only by overriding line 12700 in both returns. 

 

Others have suggested that schedule 3 could indicate a splitting of "shares" between spouses so that each claims 50% of the gains but I can't seem any way to induce that in the CRA form Schedule 3.

 

TurboTaxSusan
Moderator

Form t2091 capital gains split between co-owners.

 

Please contact our phone support team at 1-888-829-8608 as they will be better able to assist you.

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

v