How do I allocate a capital gain between two spouses?
The steps for splitting a capital gain between two spouses depends on whether or not the gain is shown on a T-slip.
To report from a T-slip
If you're reporting a capital gain from a T-slip (T3, T5, T5008, etc.), enter the full amount in the boxes as per your slip, and enter your percentage at the bottom of the slip. Your spouse’s return should also report the full amount from the slip, and their own percentage.
To report on your Schedule 3
If you're reporting a capital gain using the Capital Gains Profile or Schedule 3 (if using Forms View in TurboTax Desktop version), you only need to report your number of shares and not your percentage.
For example, if you and your spouse purchased (and sold) 100 shares of stock and you paid 1/4 of the total purchase amount, you'd enter proceeds of disposition and adjusted cost base amounts for 25 of the shares and 25% of the expenses on your return. Your spouse would then enter the rest on their own return.
To do this in TurboTax:
TurboTax Online: Where do I report capital gains or losses in TurboTax Online?
TurboTax Desktop:
Select Find (the magnifying glass icon) from the menu.
Enter Capital Gains into the search bar.
Select Capital gains / losses and select Go.
At the Your capital gains profile screen, select the category for your capital gain by checking the box beside it.
Enter your information as required.
