If you purchased a rental property for 100K, and you both own 50% of the property, is the adjusted cost base in a combined spousal tax return, 50K each or 100K for each spouse?
When using Turbo Tax Desk you will need to manually divide in half the amount for Proceeds, Adjusted Cost Base and Expenses and enter this information for each spouse. The amount will be reported on the individual Schedule 3 of each tax filer.
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Thank you for the information. It would be very good if Turbotax added that comment to their help panel within their application.