Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 1, 2023 9:08:36 PM

I got money back from the sale of my house through a bankruptcy. Do I claim that as income?

0 1 142
1 Replies
Level 15
May 4, 2023 8:01:06 AM

As per CRA: When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.

Here is a TurboTax article to show you how to enter it in your income tax return so that you do not pay capital cost. How do I report the sale of my home (principal residence

 

Depending if you sold  your house while in bankruptcy- If yes, you will need to speak with  your Licensed Insolvency Trustee- They will be able to clarify this for you.

 

Thank you for choosing TurboTax.