Spouse and I live in a community property state and are filing "married filing separately". We have a community property taxable brokerage account with stock sales in 2024. How does Turbotax 2024 Desktop want the cost basis, sale proceeds, and Form 8949 columns f and g ("adjustment, if any, to gain or loss: code, amount") entered?
Option A:
On each MFS return enter 1/2 cost basis and 1/2 sale proceeds.
Option B:
On each MFS return enter full cost basis and full sale proceeds. Enter Code N (Nominee) in column f and -1/2 the gain amount in column g.
Option C:
On each MFS return enter full cost basis and full sale proceeds. Enter Code O (Other) in column f and -1/2 the gain amount in column g.
Option D: None of these...do something else?
Do we make these adjustments directly in the form viewer for the Form(s) 8949 as an override? Or is there some other way to make these adjustments?