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unciunacho
Level 1

disposition of property

I was trying to do a disposition of property (on turbo tax form 2091) for my mother in law that passed away. the house was bought in 1969 and was her principal residence. when putting info on form i get an error because the date is not after 1972 so what do i need to do ?

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unciunacho
Level 1

disposition of property

Thanks But it did not help i was going to call tax canada but would have to wait 2+ hours. anyway I found the answer.  Here it is in case somebody needs help

 

"The increase in value of the home from time of purchase is used to calculate the gain before deducting the principal residence exemption.  If a home has been owned since before 1972, only the increase in value since December 31, 1971 is used to calculate the gain before deducting the principal residence exemption."

 

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2 Replies
Psjeet11
Level 4

disposition of property

We're sorry for your loss. As per Canada Revenue Agency (CRA), There are special rules for property that a deceased person owned before 1972.

For details about these rules and for information about other property such as resource property or an inventory of land, contact the CRA at 1-800-959-8281. Because when a person dies, the CRA considers that the person has disposed of all capital property right before death. The CRA calls this a deemed disposition.

 

We hope it helps, for more information, read Deemed disposition of property by CRA.

 

Thank you. 

unciunacho
Level 1

disposition of property

Thanks But it did not help i was going to call tax canada but would have to wait 2+ hours. anyway I found the answer.  Here it is in case somebody needs help

 

"The increase in value of the home from time of purchase is used to calculate the gain before deducting the principal residence exemption.  If a home has been owned since before 1972, only the increase in value since December 31, 1971 is used to calculate the gain before deducting the principal residence exemption."

 

View solution in original post

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