My spouse and I sold a rental property (owned by both of us).
Do I enter the full value of the Proceeds of disposition, Adjusted cost base, & Outlays and Expenses under each one of us return?
Or, shall I split (50/50) the Proceeds of disposition, Adjusted cost base, & Outlays and Expenses that each of our returns reflects only half?
Thank you in advance!
You would need to split the Proceeds of disposition, Adjusted cost base, & Outlays and Expenses and enter the amounts on each return. You can split the amounts in half, but you can also split them a different way if that better reflects your situation.
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