You will need to calculate your exempt and taxable potion of the disposition.
Firstly indicate in the “Personal Tax Profile” area of Turbo Tax, under “Setting Up” tab, that you disposed of a principle residence during the year. This selection will be in the “Your Home and other property”.
You will use CRA form T2091 to designate the tax free portion of your Capital Gain, the percentage of the property that you used for personal living space.
You will report as a capital gain only the portion that was used for producing income. You have determined this to be 68%. Include in the Capital Gains section of Turbo Tax the prorated portion of Proceeds, ACB and Expenses.
If you did not consistently earn income at the described proration during the entire term of ownership you will need to make additional calculations.
You will need to calculate your exempt and taxable potion of the disposition.
Firstly indicate in the “Personal Tax Profile” area of Turbo Tax, under “Setting Up” tab, that you disposed of a principle residence during the year. This selection will be in the “Your Home and other property”.
You will use CRA form T2091 to designate the tax free portion of your Capital Gain, the percentage of the property that you used for personal living space.
You will report as a capital gain only the portion that was used for producing income. You have determined this to be 68%. Include in the Capital Gains section of Turbo Tax the prorated portion of Proceeds, ACB and Expenses.
If you did not consistently earn income at the described proration during the entire term of ownership you will need to make additional calculations.
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