I am using the CD/Downloaded version of the Turbo Tax software as I have for many years. This is the first time I have run into an issue.
My daughter and her common law husband sold their jointly owned principal residence in 2021. The Proceeds of Disposition was $540,000.00 and their Adjusted Cost Base was $298,828.56. They both need to report this on their tax returns. As they jointly owned the property the capital gain is split 50/50.
Do they each put the total amounts of $540,000.00 and $298,828.56 into their individual Principal Residence Designation Worksheet or do they split those amounts in half and enter those amounts in column 2 of each of their tax returns?
In addition do they still answer YES to the first two questions in column 3 and ignore the last two questions.
My daughter's husband's tax return is being done by his father using another tax software package so this may be causing an issue for me. I answered YES to the first two questions and ignored the last two as noted in another person question and post but can only do that if I change to the forms method. When I return to the Easystep method Turbotax changes the first question in column 3 to NO and the percentage in question 4 becomes 100%. When I hit the continue button I get the Disposition To A Spouse Or Partner Page with the Spouse/Partner option already selected.
So how am I to fill this in under these circumstances?
Is this a bug in the software?
Well, I'll answer my own question. Switch to a competitor's Tax Software. I was able to do what was required for my daughter's return with a competitor. Turbotax just didn't cut it in this instance!! After years of using Turbotax I might just switch to a competitor for all the returns I do next year!!
Well, I'll answer my own question. Switch to a competitor's Tax Software. I was able to do what was required for my daughter's return with a competitor. Turbotax just didn't cut it in this instance!! After years of using Turbotax I might just switch to a competitor for all the returns I do next year!!
passernkl
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daleviewfonthill
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redpinesca
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