You would enter the full amount under both of you and make sure that you had answered that you both owned it at 50%
It will then automatically split the amount that the property was sold for, as seen above.
To help you further could you let us know if you are using TurboTax Online or Desktop/Download and which version you are using? Are you doing a spousal return where you are doing the two returns together at the same time?
Thank you for choosing TurboTax.
Turbo tax online - and doing the returns together yes.
I am also lost on the total proceeds of distribution box. When I put the sold price of $211K in there the next page says total proceeds were $105,500K. Does this mean it thinks we made $105,500K on the sale? we def did not
Breakdown
Bought house in 2022 for $218K
Sold house in 2023 for $211K (still owed $210,xxx on the house)
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You would enter the full amount under both of you and make sure that you had answered that you both owned it at 50%
It will then automatically split the amount that the property was sold for, as seen above.
Hello, I don't see any options to split the % on desktop 2023 version.
My case:
Bought $230K, so I split that between us for cost
Sold $310K, should I split that evenly since there is not option for %?
@beecue Is this a principal residence, or an capital gains/loss property?
Principal residence that I bought in 2016. Married and wife moved in 2020.
@beecue The fastest way to do it in TurboTax CD/Download is to go into Forms mode and fill out the T2091 form form one spouse with everything divided in half. Then select Edit > Forms > Copy/Transfer Form. Click the Copy button, and the form will be duplicated on the other spouse's return.
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