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New Member
posted Apr 6, 2023 7:28:10 PM

How do I split capital gains 50/50?

on sale of stocks

0 1 379
1 Replies
Level 3
Apr 7, 2023 3:15:33 PM

Splitting capital gains between spousal returns can vary, depending on where you enter your amounts (typically either with T-slips or on your Schedule 3). Refer to your specific situation, then follow the instructions provided:

To report on a T-slip:

If you're reporting a capital gain on a T-slip (T3, T5, T5008 etc.), enter the full amount in the boxes as reported on your slip, and enter your percentage at the bottom of the slip. Your spouse should report the full amount on the slip as well, but report her or his percentage at the bottom.

To report on your Schedule 3

If you're reporting a capital gain using the Capital Gains Profile, or Schedule 3, you only need to report your number of shares and not your percentage. For example, if you and your spouse purchased (and sold) 100 shares of stock and you paid 1/4 of the total purchase amount, you'd enter information for 25 of the shares and 25% of the expenses on your return. Your spouse would then enter the rest on his or her own return.

To do this in Turbotax:

  1. Select the Search (the binocular icon) from the menu
  2. Type Capital Gains into the search bar
  3. Select the option for Capital Gains and Capital Gains Deduction Profile from the list of populated results
  4. Select the category for your capital gain by checking the box beside it
  5. Enter your information as described

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