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Primary residence that is jointly owned by my wife and I considered a partnership agreement?

Posted 15 November 2015 under Tax Q&A


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Qazas says:
14 November 2015 at 12:31

My wife and I sold our primary residence this year. The property was on both our names. One of the questions on the tax return is:

"Was the joint ownership described in a contractual partnership agreement?"

Does this apply?

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
15 November 2015 at 10:12

Are you married in community of property?

Qazas says:
15 November 2015 at 19:38

No, we are married ANC with accrual. However, we bought the property before we were married and placed it on both our names.

TaxTim TaxTim says:
15 November 2015 at 22:07

You can ignore the partnership question and include 50% of the proceeds and base cost.


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