Splitting capital gains with my wife

For 2020, my wife and I have numerous jointly held mutual fund dispositions. We wish to share the capital gains tax 50/50.

We file separately. I’m preparing my return first.

For each disposition, in the Turbotax Capital Gains and Capital Gains Deduction Profile, I’ve entered 50.00 in the “Percentage claimed on spouse’s return” cell. And, in the Proceeds of disposition and Adjusted cost base cells I’ve entered the full amounts from the Realized Gains & Losses reports sent to me by by investment broker and from the T5008, (i.e. I haven’t divided all the amounts by two).

The sum of the Gain column in the Capital Gains Summary is $12,777. However, when I go to my Income Summary, my Taxable Capital Gains amount, instead of being half of that, (half going to my wife’s return), is $14,035!

Is this reasonable? If not please advise as to how I can correct the problem.

Thanks!

Richard

1277

Level 1

Mar 22, 2021 2:16:59 PM

Hi folks. It’s been more than week since I posted the query below. Lots of views but no answer so probably need to simplify the question. Here goes:

My wife and I file separately. On my return, I’m claiming dispositions of jointly held mutual fund units in 2020. When doing so, I’m entering the full amounts from the T5008 and from the realized gains/losses report from our broker. If I enter 50 as the percentage of capital gains shared with my wife, should I expect to see half of the total capital gains show up on my income summary?

Right now, I’m seeing 100% of our joint gains showing up in the Gain column of my Capital Gains Summary.

Hint: all I’ve completed so far are revenues. Haven’t got to deductions yet. Have I checked for income reasonableness too soon?

Please help. Until I resolve this, I can’t move forward.

Thank you in advance.

Richard

Level 1

Feb 20, 2023 5:08:54 PM

Hi, did you ever figure this out? I'm asking myself the same question. If I put 50% in the "Percentage claimed on spouse's return (if applicable)" box do I also put 50% of all the other values, then do the same for my wife, or does the software figure this out itself so I only need to enter it for me. We file jointly.

Thanks

Moderator

Feb 20, 2023 5:25:55 PM

If you have a T5008, and enter 50% for your spouse's percentage, then the program will automatically divide the values for you.

Level 1

Feb 20, 2023 7:46:46 PM

Thanks for the reply. I don't have a T5008, its for the sale of a rental property with a capital gain.

Level 15

Feb 23, 2023 11:59:28 AM

Please note that if you are doing a joint return- you will enter 50% on both for the rental income- then 50% for the sale of the rental property. TurboTax will automatically calculate as 50% once you enter it.

Thank you for choosing TurboTax.

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Splitting capital gains with my wife