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gcamp54
Returning Member

Sale of Principan Residence: Adjusted cost base figures not coming through correctly on tax forms

I've read several questions here about how to correctly fill in the Adjusted Cost Base when completing the form for Designation of a Property as a Principal Residence owned by spouses.  My husband and I sold our 22 year old home in July 2019 and I have filled out the form as us each owning 50% of our home.  Every answer I've read here say that TurboTax doesn't split the adjusted cost base 50/50, so you need to divide the adjusted cost base in half and enter that figure for each spouse.  But it will divide the proceeds of disposition.  So, I entered 50% of the adjusted cost base of $112,500 which works out to be $56,250 for each of us, but when I look at the actual tax forms, the 50% figured has been halved again and shows as $28,125 which is totally incorrect.  The proceeds of disposition flow through correctly at 50%.  

Has something changed with the way TurboTax is calculating the adjusted cost base?  Am I missing something? I need to make sure the information I'm entering is correct!! (I'm using TurboTax Standard online edition).

 

 

 

 

1 Reply

Sale of Principan Residence: Adjusted cost base figures not coming through correctly on tax forms

If you are still having issues with the entry of your Principal Residence Disposition, please reach out to us directly. Include any TurboTax or NetFile error messages you may have received, as well as letting us know if you are using TurboTax Online or installed on your computer via CD/Download.

 

You can contact us by private message on one of our social network channels. Facebook/Messenger Private Message or Twitter Direct Message

 

You can also contact our Support Team by following the link below and in the field that says "Ask your question", type in "your question" and you will be directed to an agent that can assist you. TurboTax Customer Support