Sold our house - the box that asks for our adjusted cost base, do I split the total cost of the home between my husband and I? or put the full cost in each box?

Forum|Forum|2 years ago
February 16, 2024
1 reply
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House cost $218,000 - would 50% go under my name and %50 under his or the total cost of $218K in each box?

Best answer by TurboTaxBrenda

You would enter the full amount under both of you and make sure that you had answered that you both owned it at 50%

It will then automatically split the amount that the property was sold for, as seen above.

GHarpe

To help you further could you let us know if you are using TurboTax Online or Desktop/Download and which version you are using? Are you doing a spousal return where you are doing the two returns together at the same time?

Thank you for choosing TurboTax.

sw123199Author

Turbo tax online - and doing the returns together yes.

I am also lost on the total proceeds of distribution box. When I put the sold price of $211K in there the next page says total proceeds were $105,500K. Does this mean it thinks we made $105,500K on the sale? we def did not

Breakdown
Bought house in 2022 for $218K
Sold house in 2023 for $211K (still owed $210,xxx on the house)