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Why is TurboTax asking for ACB in principle residence exemption (i.e. property is PR for all years owned)? This is only needed if box 2 & 3 of Schedule 3 is ticked off.
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October 30, 2019
7:21 AM
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October 30, 2019
7:21 AM
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Why is TurboTax asking for ACB in principle residence exemption (i.e. property is PR for all years owned)? This is only needed if box 2 & 3 of Schedule 3 is ticked off.
The Designation of Principal Residence form, T2091 from CRA requires the amount for ACB.
October 30, 2019
7:21 AM
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Why is TurboTax asking for ACB in principle residence exemption (i.e. property is PR for all years owned)? This is only needed if box 2 & 3 of Schedule 3 is ticked off.
Thanks for the response but look at the top of T2091 where it says, "If you ticked either box 2 or 3 at line 179 of Schedule 3, you must complete the remainder of this form that is applicable to your particular situation." If you designated the property as a principal residence for all years owned, then you would be ticking box 1 on Schedule 3 negating the need to fill out the capital gain section on T2019. I looked at other tax softwares (i.e. Simple Tax) online, and they seem to have it correctly. I don't know how to tell TurboTax that they have a mistake in their software.
October 30, 2019
7:21 AM
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Why is TurboTax asking for ACB in principle residence exemption (i.e. property is PR for all years owned)? This is only needed if box 2 & 3 of Schedule 3 is ticked off.
Will certainly pass along your comments regarding the requirement in Turbo Tax for the additional information not required on the T2019 for your circumstance. Thank you for bringing this to our attention. Our software is updated throughout the tax season on an ongoing basis.
October 30, 2019
7:21 AM