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?

[camille-narayan]

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?

[TurboTaxGinette]

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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