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DavidPerryCDN

Disposition of Principal Residence

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This is actually a question for 2019 tax return. My father sold his principal residence, built by himself in 1956/1957. 

On the sale of principal residence form, it asks for ACB and fair market value of the property in 1981 and 1994. Where does one get these values, since the house was never on the market since it was built.

I have completed the form with guesses for those values. When I Review the return, I get a message saying that the calculation cannot be completed because of missing fields. I click on the message and I am taken to the Disposition of Principal Residence form, but there is no indication of which field needs to be completed. As a result I cannot complete the return.

Any help will be appreciated.

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Did you indicate the date it was acquired and date of disposition, in addition to whether the principal residence designation was applying for all years (or only some)? The ACB would be the fair market value for the home at the time it was built. You can put any value for the ACB if making a Principal Residence designation for all years, but it is safer and more correct to put a price that reflects the actual FMV, should for some reason the exemption be denied (though this is seems very unlikely)

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