We sold a property in 2018. It was a condo that we purchased for our children to live in while they attended university. How do we claim the sale of on our income tax?

Condo was purchased jointly with my spouse. Was not a rental, nor a primary residence for either of us. More of a capital asset purchase. We borrowed to purchase it, and we believe that we have sufficient expenses to offset the difference between purchase and selling price, which was $20,000.

Have 9 years of interest costs, closing costs for purchase and sale, annual property tax payments and condo fees.

955

Moderator

Oct 31, 2019 2:29:57 AM

You can report the sale of the condo on Schedule 3 (capital gains/losses). In EasyStep mode you can search for “capital” and select Capital Gains/Losses from the list.

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We sold a property in 2018. It was a condo that we purchased for our children to live in while they attended university. How do we claim the sale of on our income tax?