Report capital gain on selling rental property - 50% shares

Please see our TurboTax FAQ to guide you with this: How do I enter rental property income if my spouse and I are co-owners?

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Thanks for the response, this answer applies to rental income only and I understand it.

My question is when my wife and I sold a rental property and need to report capital gain. turbo tax has no place to enter the % of ownership ( 50% my wife, 50% myself) to calculate the proper capital gain.

example: the total capital gain of selling a rental property minus expenses is $100,000

50% taxable is $50,000.  Co-ownership of 50% each so my wife's portion is $25,000 and my portion is $25,000

But turbo tax does not have this option to enter % of co-ownership when selling a rental property, so the number indicates on the form is $50,000 for each of us, which is incorrect and is double the $

thanks

Are you using TurboTax CD/Download or TurboTax Online?

I am using turbo tax premier CD

You would only enter 50% of the sale price on each spouse's return. If you are using Forms mode, you can fill out Schedule 3 with the sale, and then select Edit > Forms > Copy/Transfer Form > Copy to duplicate Schedule 3 onto the 2nd spouse's return. In EasyStep you just type in the same info twice, once for each spouse.

ok this made sense just to enter 50% of the sale price, believe for the selling cost such as lawyer fee, Realtor commission etc., also enter 50 % for my wife and myself?

thanks

You're welcome.

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