Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 13, 2021 9:46:40 AM

The city purchased part of our property for road improvements - where does that amount go in the return?

0 1 185
1 Replies
Level 2
Dec 22, 2021 8:17:53 AM

The sale of your property would be seen as capital gain/loss and hence would be entered as stated below:-

Line 12700: Taxable capital gains

The sale of certain property or shares can result in a capital gain. Line 12700 lists the taxable portion of your capital gains – losses and rate (usually 50%) applied.

 

Capital gains information can be from T slips such as T3, T4PS, T5, T5008, and T5013 or entered separately.

 

When you log into TurboTax, click on your tax return, on the left-hand side click on "T-Slip" then scroll down to "T5008", click on T5008 and then enter your capital gain/losses information.

 

Kindly see below additional information:-

Canada Revenue Agency: Capital Gain 2020 

TurboTax Article: What are capital Gains and Losses? 

TurboTax Article: Proceeds of disposition 

 

If you require further assistance please contact our phone support team, or contact us directly on Facebook or Twitter.

 

Thank you for choosing Turbotax.