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Returning Member
posted Apr 12, 2021 2:05:32 PM

I had a condo that I sold in Jan 2020 so it was never rented out that year. All expenses were part of the sale price, on which we made a profit. Where do I enter that the rental property has been sold and the sale price and the profit made?

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1 Best answer
Level 5
Apr 19, 2021 1:03:33 PM

To claim the capital gain resulting from the sale of your condo, you will have to do the following if you are using TurboTax Online:

  1. On the top right of your screen look for the "Find" icon, once you find it click on it and the find window will open.
  2. Type in the box "Capital Gains and Capital Gains Deduction Profile", select it from the list then click on "Go".
  3. Select all of the checkboxes that apply to you. In this case, you will select the first option "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Then click on "Continue".

You should now be able to enter any information related to the sale such as the Proceeds of Disposition (what you sold it for), the Adjusted Cost Base (what you purchased it for, plus any legal fees), and the Outlays and Expenses (which are the fees associated with the sale).  Enter the data, and make sure there are absolutely no errors. You can also enter the percentage to be claimed on your spouse's return. Once complete you should be prompt with the "Capital Gains Summary" page showing what your gain is on the sale of your condo. 

3 Replies
Level 5
Apr 13, 2021 7:57:37 PM

Since we are not certain if the rental unit was completely empty for the year or if it was being used as a residence, it would be best for you to contact the CRA How do I contact the Canada Revenue Agency (CRA)? about this matter as we do not have enough information to provide you with an answer.

 

Thank you for using TurboTax.

Returning Member
Apr 16, 2021 10:52:26 PM

Here is more information Nov 2019: last month condo was rented Dec 2019: Condo put on the Market Jan 2020: Condo sold I am co-owner with my wife (50% each). For 2020 I need to claim capital gains (50% for each of us). I assume that there should be a checkbox somewhere that the condo was sold and then prompt us for the particulars of the sale. Where do we enter the sale price and related information of the sale?

Level 5
Apr 19, 2021 1:03:33 PM

To claim the capital gain resulting from the sale of your condo, you will have to do the following if you are using TurboTax Online:

  1. On the top right of your screen look for the "Find" icon, once you find it click on it and the find window will open.
  2. Type in the box "Capital Gains and Capital Gains Deduction Profile", select it from the list then click on "Go".
  3. Select all of the checkboxes that apply to you. In this case, you will select the first option "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Then click on "Continue".

You should now be able to enter any information related to the sale such as the Proceeds of Disposition (what you sold it for), the Adjusted Cost Base (what you purchased it for, plus any legal fees), and the Outlays and Expenses (which are the fees associated with the sale).  Enter the data, and make sure there are absolutely no errors. You can also enter the percentage to be claimed on your spouse's return. Once complete you should be prompt with the "Capital Gains Summary" page showing what your gain is on the sale of your condo.