Hello, We sold our primary residence during this tax year and lost $86,000, but the program is not allowing me to insert a negative number. Instead I have indicated that the proceeds on the sale of my primary residence were $1 (the lowest number I can insert). However, as I try to NETFILE my taxes I am unable to do so as it indicates that there is a problem with the numbers that I have inserted in this section of the return. I have been over it many times and have put in all the correct data. I'm not sure why it is coming up as an error.
Proceeds of disposition is the selling price of the property. You do not need to report the loss or gain, if it was your principal residence for each year it was owned and not used to earn income.
Proceeds of disposition is the selling price of the property. You do not need to report the loss or gain, if it was your principal residence for each year it was owned and not used to earn income.
Coming back to this, do we claim the selling price including adjustments, as shown on the Statement of Adjustments, or without? Also, my husband and I owned this house together, do I claim the full selling amount on both returns, or half? Thank you in advance.
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