Does the "EasyStep Interview" properly divide the total "adjusted cost base cost" and "proceeds of disposition" on our income tax forms to reflect at 50/50 ownership?

My wife and I co-owned our principal residence (50/50 ownership) and sold it in 2018. After reviewing the CRA rules, when a home is owned jointly by a couple and each owns 50%, each will report 50% of the proceeds on Schedule 3 or the T2091. With this in mind, the TurboTax software appears to only have fields for the total "adjusted cost base cost" and total "proceeds of disposition". Can you confirm that the "EasyStep Interview" approach, properly divides the total "adjusted cost base cost" and total "proceeds of disposition" on our income tax forms to reflect at 50/50 ownership?

Answer

Unfortunately, TurboTax doesn't automatically split the amounts. So for both "adjusted cost base cost" and total "proceeds of disposition" you would have to put in half the total for each partner.

Was this answer helpful? Yes No
Original
TurboTaxSusan , Moderator
Moderator

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community