We disposed of a property(s) in 2018, that was our principal residence. The residence was in both our names. Do I answer yes for both of us on the return?
031744
1 Best answer
TurboTaxSusan
Moderator
Oct 31, 2019 2:24:53 AM
Yes. For the Adjusted Cost Base, slip the amount between the two of you. For example: If your ACB is 100000 and you have split the ownership 50/50, then you would put 50000 for each of you. Don't split the proceeds of disposition, though.
3 Replies
TurboTaxSusan
Moderator
Oct 31, 2019 2:24:53 AM
Yes. For the Adjusted Cost Base, slip the amount between the two of you. For example: If your ACB is 100000 and you have split the ownership 50/50, then you would put 50000 for each of you. Don't split the proceeds of disposition, though.
ggwenwhite
New Member
Oct 31, 2019 2:24:55 AM
Why would I split one and not the other?
TurboTaxSusan
Moderator
Oct 31, 2019 2:24:56 AM
TurboTax will split the proceeds of disposition for you based on the percentage of the split. With the ACB it doesn't split automatically because the two partners may have different ACBs.