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posted Oct 30, 2019 10:56:06 PM

Looking for some guidance relating to the sale of my principle residence.

Looking for some guidance relating to the sale of my principle residence. If my wife and I purchased the house together and the ACB is $320,000 do I report half amount for my wife and I such as $160,000 for each? Also when I entered the proceeds of disposition (sale price) which is $394,000 how come my total proceeds show $197,000 when this is certainly not correct. 

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Moderator
Oct 30, 2019 10:56:08 PM

For the ACB, you would put half for you and half for your spouse, if you ow the home 50/50. For the Total proceeds of disposition, you would put the full amount that you got ($394,000). Then it will be split between you and your spouse, based on the percentage of the split, years of ownership, and years that it was your & your spouse’s principal residence. So if the split is 50/50 and everything else is equal, your total proceeds would be $394,000 divided by 2, which is $197,000.