Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.

I went from 25% ownership to 0% ownership of the home.  No monetary transaction occurred.  Just myself changing ownership of my primary residence.  Is this considered a sale?

Answer

This might be considered a “Deemed Disposition”. You didn’t actually sell anything, but you no longer own property that you used to own – and someone else now owns it.

You should check with the CRA to be sure:

If you need to access your return to make changes, track your refund, view your credit payments, etc., you can do so by logging in to your CRA My Account.

Or, you can contact the CRA by phone to inquire about your taxes and benefits, and provincial tax programs.


HOW14557
p_cg_tto_us_lc_na_question:L3GnGV2v5_CA_en_CA


Was this answer helpful? Yes No
Original
TurboTaxSusan , Moderator
Moderator

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community