To claim the capital gain resulting from the sale of your condo, you will have to do the following if you are using TurboTax Online:
- On the top right of your screen look for the "Find" icon, once you find it click on it and the find window will open.
- Type in the box "Capital Gains and Capital Gains Deduction Profile", select it from the list then click on "Go".
- Select all of the checkboxes that apply to you. In this case, you will select the first option "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Then click on "Continue".
You should now be able to enter any information related to the sale such as the Proceeds of Disposition (what you sold it for), the Adjusted Cost Base (what you purchased it for, plus any legal fees), and the Outlays and Expenses (which are the fees associated with the sale). Enter the data, and make sure there are absolutely no errors. You can also enter the percentage to be claimed on your spouse's return. Once complete you should be prompt with the "Capital Gains Summary" page showing what your gain is on the sale of your condo.
