My spouse & me sold an investment property, how do we now claim the capital gain between us since we're both owners? Can't find solution how to enter into TurboTax

[TurboTaxMonica2 · Accepted solution]

The capital gain should be reported on the Schedule 3. You can locate the Schedule 3 under "Investments".

Since you both own the property (assuming 50% ownership each), you will report your 50% portion on your respective Schedule 3. 

This is in addition to the amounts you need to report on the Rental Form (T776).

[chrisM2]

So for Example if we its a 50/50 split, and we got the place for 50k, solid it for 100k, we would divide those numbers in half and report them on Schedule 3 for each spouse?? Correct?

[TurboTaxMonica2]

Yes that is correct. You would each report 50K on your own Schedule 3.

[Cookie19]

Just reading this post, but I do not see where I capture the foreign tax credit, ie withholding tax.  I understand, how to do the capital gain in Schedule 3, but not how to get the foreign tax credit into my T2209 which is driven by other forms?  How do I enter the capital gain and the foreign tax credit on the sale of my house in California?

[TurboTaxGinette]

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