Sale of Principal Residence with unrelated co-owners NOT spouse/partner. How do I indicate that I only owned 50%? Do they report it on their taxes too?

[_krups_2938]

When there are two owners of one principal residence, each one of them has to claim the sale of the principal residence in their respective tax files for the percentage of the house owned by them because if the property was your principal residence for all the years you owned it, you do not have to pay tax on your capital gain, but you still need to report the sale.

To indicate the percentage owned by the owner of the principal residence, you have to follow the steps given below: -

• Click on the "Find" (Magnifying Glass) icon on the screen of your tax file in TurboTax online.
• Type "principal" and click on "GO"
• Select the "Sale of the principal residence" option, and click on "Continue"
  
• On the next page, the last two boxes are for percentages owned by you and others as well.
• Click on "Continue" to save all information entered and move ahead to the next page.

For more information on the sale of the principal residence visit this page of the Canada Revenue Agency: -

 Disposing of your principal residence

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