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Richard Flegel

Capital gains - improvements and expenses

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Hello. My wife and I bought a cabin in '93 and sold it in '19. Over the years we improved this very humble cabin with some capital expenses such as a septic tank, vinyl siding, a deck around the cabin where there was none before. We made over $200,000 when we sols as compared to what we paid for it. I am not sure where on the Ufile page I enter these expenses (luckily I have most of the receipts for these expenses) I also wonder where I put the $600.00 in legal fees for this sale.....can you please help

Richard

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Hi Richard Flegel, to enter the information, go to:

1. On the "Left-side menu on the Interview tab", select the topic "Interview setup".

2. On the screen to your right, go to the "Investment income and expenses" group and check the box "Capital gains (or losses) and capital gain history" and click on "Next" at the bottom of the page.

3. Go back to the "Left-side menu on the Interview tab" and select the "Capital gains and ABIL" section.

4. On the page appearing on the right, click on the plus sign "+" icon located on the right of the line "Real estate, depreciable property and other properties"

You will be able to enter the expenses on "Expenses incurred in making the disposition"

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