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kivacin
Level 4

Principal Residence Exemption

When a couple sells their property and are claiming it 50/50 as Principal Residence Exemption, do I just report on one of their tax returns or do I report it on both?  Asking because, when I put it on both with the 50/50 designation, the program asks me about multiple houses, so I need to be sure I'm doing this correctly.  Thanks in advance!

 

Solved
Best answer May 15, 2022

Best Answers
JamesCampbell
Level 5

Principal Residence Exemption

you claim it on one but put 50/50. the program will fill in the other one but you will have to put how many years on the T2091 for both. hope this helps.  

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2 Comments 2
JamesCampbell
Level 5

Principal Residence Exemption

you claim it on one but put 50/50. the program will fill in the other one but you will have to put how many years on the T2091 for both. hope this helps.  

kivacin
Level 4

Principal Residence Exemption

Absolutely it helps!  Thanks so much!