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"
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?
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 ?
Are you using TurboTax Download or TurboTax Online?
Online
Ayad1
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Ayad1
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Greg105
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marliehutchings-
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wendita
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