Question

Sold Personal Property in 2021. The Purchase and sale is in both my husband and my name. Do we each report 50% of this value on our tax forms?

Forum|Forum|3 years ago
May 2, 2022
1 reply
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Unclear if I can put 100% of the value on my return - or if i have to declare a percentage somewhere.

If you are using TurboTax Online, the Capital Gains page gives you the option to enter a percentage to claim on your spouse's return, so you only have to enter the sale once.

If you are using TurboTax CD/Download you will have to enter the sale on both returns. On each return you would enter 50% of the purchase price and the proceeds.