topic I had a rental unit (32%) as part of my principle residence which i sold in 2017. Where/how do i report and account for capital gains portion of the sale? in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-had-a-rental-unit-32-as-part-of-my-principle-residence-which-i-sold-in-2017-where-how-do-i-report/01/909483#M2561 Wed, 30 Oct 2019 14:22:13 GMT stephenlbanniste 2019-10-30T14:22:13Z I had a rental unit (32%) as part of my principle residence which i sold in 2017. Where/how do i report and account for capital gains portion of the sale? https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-had-a-rental-unit-32-as-part-of-my-principle-residence-which-i-sold-in-2017-where-how-do-i-report/01/909483#M2561 Wed, 30 Oct 2019 14:22:13 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-had-a-rental-unit-32-as-part-of-my-principle-residence-which-i-sold-in-2017-where-how-do-i-report/01/909483#M2561 stephenlbanniste 2019-10-30T14:22:13Z You will need to calculate your exempt and taxable potion... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-will-need-to-calculate-your-exempt-and-taxable-potion/01/909484#M2562 <P>You will need to calculate your exempt and taxable potion of the disposition.</P><P>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”.</P><P>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.</P><P>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.</P><P>If you did not consistently earn income at the described proration during the entire term of ownership you will need to make additional calculations.</P><DIV> <BR /> </DIV> Wed, 30 Oct 2019 14:22:14 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-will-need-to-calculate-your-exempt-and-taxable-potion/01/909484#M2562 TurboTax-Terry 2019-10-30T14:22:14Z
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topic I had a rental unit (32%) as part of my principle residence which i sold in 2017. Where/how do i report and account for capital gains portion of the sale? in Investors and rental owners
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-had-a-rental-unit-32-as-part-of-my-principle-residence-which-i-sold-in-2017-where-how-do-i-report/01/909483#M2561
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I had a rental unit (32%) as part of my principle residence which i sold in 2017. Where/how do i report and account for capital gains portion of the sale?
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-had-a-rental-unit-32-as-part-of-my-principle-residence-which-i-sold-in-2017-where-how-do-i-report/01/909483#M2561
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You will need to calculate your exempt and taxable potion...
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<P>You will need to calculate your exempt and taxable potion of the disposition.</P><P>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”.</P><P>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.</P><P>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.</P><P>If you did not consistently earn income at the described proration during the entire term of ownership you will need to make additional calculations.</P><DIV> <BR /> </DIV>
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