Whilst entering deemed sale of 1st property, turbo tax asks if I shall tick both myself and my wife against 'Sale of Principal Residence'. What option shall I tick?
Just fyi that though the property is in my and my wife's name but I am bearing all the expenses of the property and I only am paying for the mortgage. Shall I tick only my self and show whole income in my name?
If both you and your wife are owners of the property, then both you and your wife are disposing of it. You can enter different amounts for adjusted cost base if one spouse paid more expenses than the other.
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