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Level 1
posted May 18, 2021 9:22:06 PM

Hello, I sold my principal residence and received 623,000 capital gain, on my re-constructed house. Is thus capital gain on principal residence is fully-tax-exempt?!

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1 Best answer
Level 6
May 19, 2021 8:37:13 AM

Thanks for your question.If your home was your principal residence the entire time you owned it, any profit you make from the sale is still exempt from capital gains.  You now must report the details of the sale on Schedule 3 of your return. For the 2017 tax year and beyond, you will also need to submit formT2091 (IND)Please click here for more information.

1 Replies
Level 6
May 19, 2021 8:37:13 AM

Thanks for your question.If your home was your principal residence the entire time you owned it, any profit you make from the sale is still exempt from capital gains.  You now must report the details of the sale on Schedule 3 of your return. For the 2017 tax year and beyond, you will also need to submit formT2091 (IND)Please click here for more information.