You'll need to sign in or create an account to connect with an expert.
You would each report one half of the income and basis to determine if you have any taxable gain.
Thank you. Yes, I understand that but ran out of characters and had to truncate my original question. What I really was trying to find out was whether there was a place where I could select to use 50% or 50/50 as I seem to recall such a thing for my share when I first used TurboTax last year. Ultimately this year, I cut everything in half related to the purchase, sale prices and deductions but I was really looking for a button or other form field that did it automatically.
TurboTax has that feature for rental properties, but unfortunately it does not calculate it for the sale of home- but that is a great suggestion and I will pass it on.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
randy5419
Level 3
CShell85
Level 1
taxuser77
Level 2
Sharonzettner
New Member
JohnK10
New Member