My tenant in common & I sold our house, but my Turbo Tax doesn't acknowledge TICs. Should I input half of the capital gains?
I will receive the $250,000 exemption on my half of the capital gains, but I need to know the proper way to handle reporting them.
Will it be okay to enter half of the capital gains on my tax return and the other owner report half on his?
01158
1 Best answer
Coleen3
Intuit Alumni
Jun 3, 2019 10:33:54 AM
Yes. That is the only way you can do it. If you received a 1099-S for the sale with the entire amount listed as sales price, you will need to adjust the basis to compensate. For more details in this situation, see below. https://ttlc.intuit.com/replies/5667421
1 Replies
Coleen3
Intuit Alumni
Jun 3, 2019 10:33:54 AM
Yes. That is the only way you can do it. If you received a 1099-S for the sale with the entire amount listed as sales price, you will need to adjust the basis to compensate. For more details in this situation, see below. https://ttlc.intuit.com/replies/5667421