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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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I sold a piece of real estate in 2007 that was owned by 4 ...

Resolved Question:

I sold a piece of real estate in 2007 that was owned by 4 people, this would be considered a LT Cap Gain. Should i divide the sales price and cost basis by 4 when filing my schedule d??
Submitted: 8 years ago.
Category: Tax
Expert:  Ed Johnson replied 8 years ago.

DearCustomer

yes, you are permitted to allocate the cost basis and sales price and other expenses realted to capital gains.

 

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Customer: replied 8 years ago.
The answer is a tad cryptic but overall, acceptable. When I file my Schedule D for a long term cap gain, i will only account for 25% of the sale and cost basis.

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