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shiph2016
New Member

What does the term community property mean?

my husband and i are filing separately. we sold home in 2023 and both got half of the profit. is this considered community property?
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2 Replies

What does the term community property mean?

DawnC
Expert Alumni

What does the term community property mean?

Yes.  Any income and any real or personal property acquired by either spouse during a marriage are considered community property and thus belong to both partners of the marriage.

 

Certain states have laws about community property defining how they expect MFS couples to share, or allocate, income. TurboTax has allocation screens and a worksheet to assist you in entering any adjustments your community property state may require when filing separately.

 

For more information, refer to Filing Separately in Community Property States.

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