Thank you for choosing TurboTax. There is a possibility of recapture being generated, which is an amount treated as an income that is added to your rental income when the property is sold. Or you may be able to claim a terminal loss and this amount is deducted from your rental income. Please note that the treatment for capital loss is very different from terminal loss. If you are unsure of the benefits of either I am suggesting you consult with one of our experts to guide you on the matter.
Please see the link below to access their services:
https://turbotax.intuit.ca/personal-tax-software/live-catalogue.jsp
