For deductions, are we able to claim a tax return for the Loss in the sale of principle residence? If yes, which item under "Your losses profile for 2022" should I pick? Is it "Listed Personal Property LossCarry Forward" or something else? Thanks
No. You do not have any loss/gain on the sale of your principal residence, unless it wasn't your principal residence for the entire time you owned it.
This seems to be inconsistant with the behaviour of TurboTax online 2023 (Canada). I need to report the sale of a rental property that was at one time my principal residence. The principle residence sale section of the online forms documents the ACB, outlays and dispositions, as well as the proceeds of the disposition of the property. IT then asks on the following page for a description of how many years you owned it and how many years it was a principle residence, however, I have not been able to generate a 'loss' profile for this in any way by entering different combinations of numbers into the forms. Only a capital gain is calculated in the principle residence form, if you have declared that you didn't have it as principle for all years you own it. IT does not seem possible in the TurboTax online form for principle residence to generate a loss, even when for example, number of years owned = 10, number of years it was principle residence = 5, ACB = 400K, proceeds of disposition = 200K. Should this not generate a loss profile in the sale of a principle residence section? If not, how should a capital loss be reported for the sale of a rental property that was once a persons principle residence? Thank you
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