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: 
brettski1
New Member

How do I correctly enter the proportional ownership of a rental property sold in 2020 with 3 owners? Capital Gains only seems to support me+spouse, but not 3rd owner.

 
1 Reply
brettski1
New Member

How do I correctly enter the proportional ownership of a rental property sold in 2020 with 3 owners? Capital Gains only seems to support me+spouse, but not 3rd owner.

To add some more detail, we sold 3 properties in 2020 that were jointly owned by myself, my spouse and a 3rd partner. When entering rental income and expenses over the past several years, it's been easy to properly reflect the proportional split of those between the 3 of us. Now that we've sold them, there doesn't seem to be similar support for the capital gains. There is a field to enter the proportion claimed by your spouse, but nothing to specify the other owners. I suspect that if I put in the proper percentage for my spouse, her return will be correct, but mine will assume that I'm claiming both my share and the 3rd owner and land me with a tax bill roughly twice what it should be for those capital gains. There is a section for dispositions in the rental property section, but based on the support articles I can find, that section only seems relevant if you've made CCA claims in previous years. We haven't.