If we bought a rental property for $420k and sell it for $520k, what is the amount that would be taxable for capital gains? We would like to income split and are retired

If the profit is $100,000 you would each pay tax on $50,000 assuming there are no other adjustments, in which case, it would be somewhat less.

Thank you. So effectively, we are paying tax on 50% of the profit, not 100% of the profit?

To clarify, you would each report capital gains of $50,000.  The actual taxable amount would be $25,000 each added to your taxable income on each of your returns.

Great, thanks for the clarification.