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coachraff
New Member

I sold a property owned with 3 brothers and we have capital gain.Since i use turbo tax i do i calculate my portion of capital gains?

 
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I sold a property owned with 3 brothers and we have capital gain.Since i use turbo tax i do i calculate my portion of capital gains?

To calculate your portion of gains on a property with multiple owners, you would need to determine the percentages that are owned and determine what part of the capital gains are your own.

 

For example, if you owned 1/3 of the property valued at $150,000, you would need to determine the capital gain on this amount and claim 1/3. The formula to calculate a capital gain is: Adjusted Cost Base(ACB) minus Proceeds of Disposition minus Outlays & Expenses

 

For more information you can refer to this link:

What are capital gains and losses?