My wife and I sold our cottage which had us both on the deed for the property. I'd like to split the capital gains between us 50/50 for tax purposes. There does not seem to be a way to do this on Schedule 3. Is there anyway to do this ?
Thank you for choosing TurboTax.
To report and split your capital gain follow the below steps.
Before you apply the above steps kindly read the article Can I Split My Capital Gain With My Spouse?
Hello,
In TTO, if a couple wants to split capital gain form the sale of a rental property, the software does not split the total capital gain automatically, so the client has to manually split the total amount and enter twice, one for the husband and one for the partner.
Thank you,
Linda
For step by step directions, please see our TurboTax FAQs:
How do I report the sale of my home (principal residence)?
How do I split capital gains between spousal returns?
Thank you for choosing TurboTax.
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