3060448
Hi there,
You will be required to report the proceeds from the sale of your rental home, for the year when it happens, as a gain or a loss.
Here's some additional information you could use:
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/how-to-report-sale-of-...
Thanks!
Sorry lets go at this a different way, is there an ITC for rental income as a solid portion of our combined income, or is this only applicable for property sold?
Got it, thanks for clarifying that.
Yes, income from rental properties is considered taxable income and needs to be reported.
Here’s more information for you:
Do let me know if this answers your question(s), or if you’d need additional information. Thanks!
angeline-sasha-marie
New Member
zack14
New Member
taxesredkoop
New Member
jolleygoodtables
New Member
danielaj_76
New Member
©1997-2024 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.