My Husband wants to gift his brother and co-partner a building they both owned and rented. Where should this be added in Turbo Tax
He would have to report the disposal of the
building on Schedule 3 (capital gains/losses).
If you husband is no longer going to receive rental
income from the building, then he would have to fill in a T776 for the property
and indicate it’s the final year of operation. He would also have to dispose of
any CCA assets related to the building.
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