Moved 700 km for work. Unable to sell house. Rented house out Aug. Disposition of primary res req? What value? Will Capital Gains when I sell? Bought house new loc.

Family member lived in house from Jan - July prior to being rented out. If I need to enter a disposition do I use the value when listed or the reduced value since being unable to sell. How will this effect Capital Gains when I eventually sell? Do I split the disposition value between my husband and I. For example, value is 150,000 do we each report 150,000 or 75,000 each?

472

Moderator

Oct 30, 2019 9:12:37 PM

You would definitely need to do a disposition of your Principle Residence, since you rented it out. You possibly will have some taxable gains for the time that the house was rented before it was sold. You would use the amount that you actually got for the house (less expenses incurred to sell), regardless of what it was listed for.

If both you and your husband were co-owners, then you can split the disposition between you two. If you spilt 50/50, then yes, you would put 75000 each if the total proceeds was 150000.

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Moved 700 km for work. Unable to sell house. Rented house out Aug. Disposition of primary res req? What value? Will Capital Gains when I sell? Bought house new loc.