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

By Evan Robinson · Updated

Qazas

Qazas said:
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?
TaxTim Evan

TaxTim Evan said:
15 November 2015 at 10:12

Are you married in community of property?
Qazas

Qazas said:
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 Evan

TaxTim Evan said:
15 November 2015 at 22:07

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