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
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).
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).
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?
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.
v
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Sign In
