Hi, Before Covid 2 friends & I bought a pre-construction condo. Because of Covid there were long delays. Our occupancy date on the condo was Jan/23 and closing date Jun/23. We were so tired of all the issues we had with the builder, etc., that we put it up for sale right away and it sold in Aug/23. I read the rule about having to fill out T2125 to report it as business income, but how? I need direction as I don't know what fields need to be populated, I don't see fields for property disposition, etc. There is no business name or number so do I leave those fields blank? Is there any guidance on this that you can provide? It was a one time thing and I'm not going to be doing it again. But still need to figure this out.
Business Identification - Nothing here applies. I can put my own name in the first field. DO I have to select a NAICS? My share of the ownership was 37.5% - but does that apply on this page?
Professional income and expenses - Again, nothing here seems to apply
Vehicle Expenses - Nope
Home Office Expenses - Nope
Labour costs - Nope
Balance Sheet - ? maybe ? but don't think so...
Income Adjustment - Nope
Business Partners - I was one of 3 co-owners but they are not like official business partners so no, but maybe I need to put their info here??
Capital Cost allowance for the business - doesn't look like?
DIEP agreement - Nope
and that's all there is, found nothing. I hope someone can help me! thanks in advance