My Husband wants to gift his brother and co-partne...

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My Husband wants to gift his brother and co-partner a building they both owned and rented. Where should this be added in Turbo Tax

T776- Statement of Real Estate Rental;- Gift Rental Property to co owner.

Gift Rental Property (Building) to Co-Owner.

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My Husband wants to gift his brother and co-partner a building they both owned and rented. Where should this be added in Turbo Tax

He would have to report the disposal of the building on Schedule 3 (capital gains/losses).

If you husband is no longer going to receive rental income from the building, then he would have to fill in a T776 for the property and indicate it’s the final year of operation. He would also have to dispose of any CCA assets related to the building.


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