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jenkins1
Level 1

T776 "Buildings Dispositions' question.

My common-law partner and I sold a (single) rental property that we owned, in 2017. On the T776 'Buildings Dispositions' section of Turbo Tax (download edition) I assume I need to put in the details of the property.  Can anyone confirm that, and tell me the Class#, what figure to put in proceeds (sale price, or sale price less closing costs and legal fees), and what to put in the Personal field?

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Accepted Solutions
TurboTaxKim
Moderator

T776 "Buildings Dispositions' question.

The details of your rental property sale are entered in TurboTax under the "Investments Profile". You can get there in the EasyStep view by:

  • Go to Income & Expenses > Investments Profile > check the top box "Capital Gains or Losses"
  • Continue to the Capital Gains Profile page, check the top box "Sold stocks, bonds, real estate or other capital property", continue
  • Check box "Sold real estate & depreciable property" and continue to the page where you will be asked for these entries. (As shown in screenshot)

Details regarding the sale of your rental property also need to be entered in your "Rental Profile" and will only affect you if you have claimed CCA on the building (Class 1) will you need to complete that section on the T776 Rental schedule.

 Be sure to check off the boxes shown in the screenshot to access the screens needed. 


https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income... 

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1 Reply
TurboTaxKim
Moderator

T776 "Buildings Dispositions' question.

The details of your rental property sale are entered in TurboTax under the "Investments Profile". You can get there in the EasyStep view by:

  • Go to Income & Expenses > Investments Profile > check the top box "Capital Gains or Losses"
  • Continue to the Capital Gains Profile page, check the top box "Sold stocks, bonds, real estate or other capital property", continue
  • Check box "Sold real estate & depreciable property" and continue to the page where you will be asked for these entries. (As shown in screenshot)

Details regarding the sale of your rental property also need to be entered in your "Rental Profile" and will only affect you if you have claimed CCA on the building (Class 1) will you need to complete that section on the T776 Rental schedule.

 Be sure to check off the boxes shown in the screenshot to access the screens needed. 


https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income... 

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