House cost $218,000 - would 50% go under my name and %50 under his or the total cost of $218K in each box?
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?
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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.