How do I record capital gains for 50% co-ownership...

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New Member

How do I record capital gains for 50% co-ownership of rental property?

I need to know where I add the 50% co ownership in the capital gains of a sold property

2 Replies
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Moderator

How do I record capital gains for 50% co-ownership of rental property?

You would use Schedule 3. You would only put in your share of the amounts, so that you only report your share of the capital gains.


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New Member

How do I record capital gains for 50% co-ownership of rental property?

So, I am looking at filing in 2020 capital gains for 2019 on the co-ownership sale of a rental property.  When I test it in the 2018 software, on schedule 3, it only allows you to type in the Proceeds of deposition value, Adjusted Cost Base and Outlays.   We are 50/50 co-owners and have reported that since we had the rental. The final sale value was $275K, initial value was $250K  and outlays of $3500. So, if I do what you say, I would report Adjust Cost Base of $250K, Proceeds of deposition of $262,500 (half the gains) and outlays of $1750 (half) for each of us?

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