Where a married couple have sold their property, do both persons declare the sale and proceeds amount in each of their tax returns? both the full sale amount?

if the proceeds were earned on the sale of the property, does spouse 1 enter 100$ and spouse 2 enter 100$? where each of the spouses are 50% owners?

343

Intuit Alumni

Apr 21, 2023 4:55:01 AM

For directions, please see our TurboTax FAQ: How do I report the sale of my home (principal residence)? Please see the image below to answer you each owned 50% of the property in each of your returns so that you will be able to each claim your share of the proceeds.

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Where a married couple have sold their property, do both persons declare the sale and proceeds amount in each of their tax returns? both the full sale amount?