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chrisM2
chrisM2
Level 1
posted
3 weeks ago
last updated ‎October 31, 2019 4:15 AM

My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

 
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TurboTaxMonica2
TurboTaxMonica2
Level 1
3 weeks ago

My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

The capital gain should be reported on the Schedule 3. You can locate the Schedule 3 under "Investments".

Since you both own the property (assuming 50% ownership each), you will report your 50% portion on your respective Schedule 3. 

This is in addition to the amounts you need to report on the Rental Form (T776).

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3 Replies
TurboTaxMonica2
TurboTaxMonica2
Level 1
3 weeks ago

My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

The capital gain should be reported on the Schedule 3. You can locate the Schedule 3 under "Investments".

Since you both own the property (assuming 50% ownership each), you will report your 50% portion on your respective Schedule 3. 

This is in addition to the amounts you need to report on the Rental Form (T776).

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2
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chrisM2
chrisM2
Level 1
3 weeks ago

My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

So for Example if we its a 50/50 split, and we got the place for 50k, solid it for 100k, we would divide those numbers in half and report them on Schedule 3 for each spouse?? Correct?
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TurboTaxMonica2
TurboTaxMonica2
Level 1
3 weeks ago

My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

Yes that is correct. You would each report 50K on your own Schedule 3.
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