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New Member

In 2013 sold condo, me and my wife are 50% co-owners

in 2013 sold a condo, my wife and me are co-owners 50/50. Q1. Schedule 3 doesn't have a % split to display our respective portions of cap.gain/loss. shall I manually calculate and show 50% of proceeds, abc, outlay exp. in our respective Schedules?   Q2.do I make any entries in T776 directly related to the sale of condo ($$$) and its content - Area D and E ? 

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New Member

In 2013 sold condo, me and my wife are 50% co-owners

You must enter the disposition of the condo in the T776 in the capital asset section at the lowest of cost and proceeds.  That removes it.  Then you will determine the capital gains amount in schedule 3.  That is where you will enter the original cost plus any improvements as the adjusted cost base against the proceeds.

If you are using the online version, if you click on investments>capital gains>enter new disposition, the first page that comes up has the percentage for the spouse.

If you are using the installed version, either disc or download, you may have to have the forms joined as a spousal format for the percentage to appear.  I am not seeing a percentage on my version.

View solution in original post

7 Replies
New Member

In 2013 sold condo, me and my wife are 50% co-owners

thanks. one more question, if I claimed 5K in CCA in 2013, but sold the  condo in 2014 (not 2013-error in in my initial question)  for less than ACB (=6K capital loss), do I have to worry about CCA recapture at all?
New Member

In 2013 sold condo, me and my wife are 50% co-owners

If the condo is the only asset you had in that class, you will probably see some recapture.
New Member

In 2013 sold condo, me and my wife are 50% co-owners

You must enter the disposition of the condo in the T776 in the capital asset section at the lowest of cost and proceeds.  That removes it.  Then you will determine the capital gains amount in schedule 3.  That is where you will enter the original cost plus any improvements as the adjusted cost base against the proceeds.

If you are using the online version, if you click on investments>capital gains>enter new disposition, the first page that comes up has the percentage for the spouse.

If you are using the installed version, either disc or download, you may have to have the forms joined as a spousal format for the percentage to appear.  I am not seeing a percentage on my version.

View solution in original post

New Member

In 2013 sold condo, me and my wife are 50% co-owners

thanks. one more question, if I claimed 5K in CCA in 2013, but sold the  condo in 2014 (not 2013-error in in my initial question)  for less than ACB (=6K capital loss), do I have to worry about CCA recapture at all?
New Member

In 2013 sold condo, me and my wife are 50% co-owners

Sorry for the delay.  Forced to work for a living. 🙂
New Member

In 2013 sold condo, me and my wife are 50% co-owners

in T776 - ..disposition at "the lowest of cost and proceeds", what is meant by "cost" - beginning UCC in the year of sale (2014), or original cost at time of purchase in 2012 + capital cost additions ? in year 2013 I took 5K of CCA -would this be the amount of CCA recapture I have to report, even though the selling price after selling expenses is less than the original cost + capital cost additions in 2012 and 2013?
New Member

In 2013 sold condo, me and my wife are 50% co-owners

1.  The lowest of cost (original cost at the time of purchase) and proceeds (what you sold it for).  Capital cost additions are the capital improvements that were put in to the condo, such as new appliances, items that were added and not there before are usually capital costs.
2.  The amount of recapture will be figured out by the software once you have your input done.