We recently sold our Rental Property, and wanted to know where we need to record our capital gains for tax purposes

[NazMusthafa]

Thank you for choosing TurboTax. Please select the scenario below that best suits your need and follow the steps accordingly:

Capital gains or losses reported on T5008, T5, T3, T4PS, or T5013 slips

1. Select Find (or the magnifying glass icon).
2. Type the name of your T-slip in the Find window (for example, type T5008).
3. Select the name of your T-slip from the list of results, then Go.
4. Enter the amount on the slip directly onto the TurboTax screen dedicated to that slip.

Capital gains or losses not reported on a T-slip

Note: Before you begin, be sure to determine the type of your capital property, and calculate your proceeds of disposition and adjusted....

1. Select Find (or the magnifying glass icon).
2. Type capital gains in the Find window.
3. Select Capital Gains and Capital Gains Deduction Profile from the search results, then Go.
4. On the Your Capital Gains Profile for 20xx screen, follow the instructions to report your gains or losses.

How to see capital gains reported on your tax return

1. Select Find (or the magnifying glass icon).
2. Type bottom line in the Find window.
3. Select Bottom Line (Tax Summaries) from the search results, then Go.
4. On the Let’s Review Your Numbers screen, select Detailed tax summary.

Gains are listed on the line for Taxable capital gains. For more information about this line, visit the CRA website.

Note: Losses that you report this year won't appear on your tax return. You can see these losses on your Notice of Assessment that you receive each year in the mail after filing your return. You can also view your Notice of Assessment online via your CRA My Account.

If you have any further clarifications, our experts are here to help, or if you prefer you can reach us on social media through Facebook or Twitter.