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).
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).
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?
Yes that is correct. You would each report 50K on your own Schedule 3.
Just reading this post, but I do not see where I capture the foreign tax credit, ie withholding tax. I understand, how to do the capital gain in Schedule 3, but not how to get the foreign tax credit into my T2209 which is driven by other forms? How do I enter the capital gain and the foreign tax credit on the sale of my house in California?
In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to guide you. To contact them, please follow this link: Contact Us. When the system asks if you want an email answer NO to speak to a live person.
Thank you for choosing TurboTax.