Investors & landlords

Here's how you can handle filing for 1099-DIV and 1099-B on a joint community property investment account when filing separately:

1. Since you live in a community property state, you generally need to split the income 50/50. This applies to both dividends (1099-DIV) and capital gains (1099-B).
2. Enter Your Share in TurboTax:
   1. 1099-DIV: When entering the 1099-DIV information in TurboTax, report only your share of the dividends. For example, if the total dividends are $1,000, you would report $500.
   2. 1099-B: Similarly, for the 1099-B, report only your share of the capital gains or losses. If the total capital gain is $2,000, you would report $1,000.

Keep Records: Ensure you keep detailed records of how you split the income and the calculations you used. This will be helpful if the IRS has any questions.

For more detailed guidance, you can refer to the IRS guidelines on community property.