Looking for some guidance relating to the sale of my principle residence.
Looking for some guidance relating to the sale of my principle residence. If my wife and I purchased the house together and the ACB is $320,000 do I report half amount for my wife and I such as $160,000 for each? Also when I entered the proceeds of disposition (sale price) which is $394,000 how come my total proceeds show $197,000 when this is certainly not correct.
Looking for some guidance relating to the sale of my principle residence.
For the ACB, you would put half for you and half
for your spouse, if you ow the home 50/50. For the Total proceeds of
disposition, you would put the full amount that you got ($394,000). Then it
will be split between you and your spouse, based on the percentage of the
split, years of ownership, and years that it was your & your spouse’s
principal residence. So if the split is 50/50 and everything else is equal,
your total proceeds would be $394,000 divided by 2, which is $197,000.
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