Principal residence

[Dawburg]

Hello I have a question concerning a change of principal residence. I have bought and designated my principal residence in Victoria BC. I also still own my old principal residence in Ontario. Do I need to mark that I "sold" or disposed of my old Ontario residence at fair market evaluated value?

[TurboTaxSusan]

Are you renting out the property in Ontario?

[Dawburg]

No not renting it out, we have used it as summer home in 2024 and this year. Will be trying to sell it this year or next.

[TurboTaxAniqua]

@Dawburg You will report it the year you will sell it.

[Dawburg]

Thank you so much for answering my question