Re: Sold principle residence, owned less than 365 days. Have to create self-employment income now. Under revenue, is it the sale price of home? Or the profit made?
Sold principle residence, owned less than 365 days. Have to create self-employment income now. Under revenue, is it the sale price of home? Or the profit made?
Sold principle residence, owned less than 365 days. Have to create self-employment income now. Under revenue, is it the sale price of home? Or the profit made?
Hi,
Since the gain you have made will be reported as business income, you will need to report the the total gain amount (Selling Price - Acquisition Cost) under the Revenue section of your T2125 form. If your Selling price is less than your acquisition cost (sold at a Loss), you will report Nil under Revenue.
Sold principle residence, owned less than 365 days. Have to create self-employment income now. Under revenue, is it the sale price of home? Or the profit made?
Hello,
You would use the profit (Sale price - Purchase Price) as your revenue generated.
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