Question:
1. For the principal residence, I have entered the same amount for each of us for market value and mortgage. Please confirm this is correct.
2. We both own rental real estate properties. I entered this value, the purchase value, and the mortgages against them in my spouse's data only. Is this ok? Should I divide all the numbers in half and enter for each spouse?
Answer:
1. You should put a share for each spouse or all under one spouse. The amounts are additive. If your plan provides that your spouse will live longer, you can put the personal residence under her if you never intend to sell.
2. Yes, if she will be taxed on it at disposition for the capital gains. Otherwise, you should split the amounts.
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