Property is owned by joint tenants with my brother(50/50). We sold the
property in 2018 , how I report the capital gained by using Turbotax? No option
to report 50% ownerhship. Turbotax has only selling price but no ownership percentage in that section. Since we should report 50% of capital gain.
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You will need to manually adjust the sale price and cost basis to reflect your 50% ownership of the property.
Your brother will do the same on his tax return.
If ever questioned by the IRS, your deed will show the ownership percentages and serve as the basis for your adjustments.
It is not uncommon for property sale capital gains to be modified in this way to reflect joint ownership.
You will need to manually adjust the sale price and cost basis to reflect your 50% ownership of the property.
Your brother will do the same on his tax return.
If ever questioned by the IRS, your deed will show the ownership percentages and serve as the basis for your adjustments.
It is not uncommon for property sale capital gains to be modified in this way to reflect joint ownership.
My name is in the deed of the house and the owner is my brother. We sold the house for Gain of $550K.
Does this mean, we both take $250K exemption? or is it only $250K per house as we are not in married relationship status?
@stech wrote:
My name is in the deed of the house and the owner is my brother. We sold the house for Gain of $550K.
Does this mean, we both take $250K exemption? or is it only $250K per house as we are not in married relationship status?
You can each exclude up to $250,000 in gain; the Section 121 exclusion applies to each individual (not to the house, itself) in your case.
"You can each exclude up to $250,000"
That's assuming you each lived in the house as your primary residence for two of the five years leading up to the date of sale.
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