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Greg105
Returning Member

Adjusted cost base

I bought a condo on 2010 for $250,000

My condo used as my principal residence from 2010 to 2020 then rented from 2021 to 2023 (where I had another PR)

I sold my condo rented in 2023 for $400,000

On 2020 (last year as principal residence in the condo), I paid for an official evaluation report by an expert who gave me the price of condo of $390,000 on 2020

 I understand, if I'm not mistaken, that now I have to pay the capital gain of 400,000-390,000 = $10,000

 

My question are:

1- How I should calculate the ACB in that case?

Should it be $390,000 as per the report of the expert ? and when the CRA contacts me to understand from where it comes, I send them the report ?

OR it should be $250,000 plus the costs to acquire the condo ? If this is the case, how to report the $390,000 which is the condo price before it becomes no longer my principal residence?

 

2- The following question is confusing me in Turbotax as I didn't transfer the condo but I sold it. I wonder if I'm in the right form:

"who are you transferring this property to? Spouse OR other OR spouse and other"

4 Replies

Adjusted cost base

You don't claim that you sold your principal residence then, as it was a rental property at the time of the sale. You need to enter that 2023 was the last year for this rental unit. What month did you sell your rental unit?

Greg105
Returning Member

Adjusted cost base

I already checked that 2023 was the last year for this rental unit in the rental section

I sold the condo on August.

So how to declare the sale in that case ?

Adjusted cost base

Are you using TurboTax Download or TurboTax Online?

Greg105
Returning Member

Adjusted cost base

Online