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aprilis

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  1. Hi My spouse and I owned a rental income property 50%-50%. We disposed of it this year and have a capital gain. After completing the schedules in Ufile, I see that the rental income we had during the year was allocated 50%-50% to each of us. So therd doesn't seem to be an issue with allocation of the regular income from the property. However, the total capital gain on the disposition is being added back to both of our tax returns. For example, we sold the property at a gain of $25,000. Schedule 3 Line 138 for real estate shows the $25,000 as a gain. Schedule 3 Line 199 taxable capital gains equals $12,500. Line 127 on the T1 Federal schedule shows the full $12,500 to include in taxable income. This appears on BOTH my and my spouse's tax return so we both essentially have $12,500 being added as taxable income (combined total of $25,000). Since capital gains are taxed at 50%, I would have assumed that we would have had a combined taxable capital gain of $12,500 and not $25,000. Even the CCA recapture that is added back to our income is adding 100% to both our returns and not just the 50% portion. Can anyone shed some light on this for me? Is there somewhere else that I have to indicate it is split 50-50? Much appreciated!!
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