[One time property flip (T2125?)]

I know, me again. I realized I made a mistake in the expenses incurred in the disposition. When I fixed it, it made no difference to what I owe. Do expenses not factor into the calculation then? 

[If auto-fill populated the T5008's do I still need to do Capital Gains & Losses?]

I am confused by both seeming to do the same thing. 

I couldn't find that this question was asked before but if it was, my apologies. 

If they are interchangeable, do you recommend one over the other? I am tempted to delete the T5008's and just fill in the Capital Gain/Loss section. 

Thanks

[One time property flip (T2125?)]

Hi again,

I hope its ok that I do not have my partners' SIN numbers. 

Also there is a question at the bottom of "Personal Use Property" page that asks: Designation of the property as a principal residence?

It wasn't but since we didn't actually rent it out, do I say yes here? does it make a difference to something? 

Edit: one more, sorry.. I just want to get this right the first time around.  The new question about "profits from property flipping" - do I just put my own share of profit there or overall?

thanks

[One time property flip (T2125?)]

THANK YOU SO SO MUCH! Super Helpful!

Makes more sense now. This was the part I was not sure of:  "Note that Profits from property flipping are as previously calculated in the real estate capital gains section (Proceeds less ACB less expenses in disposition).  The capital gain is taxable at a 100% inclusion rate (not 50%)" but was coming to that conclusion that I had to fill out the actual property purchase/sale info there. I knew about the unfortunate 100%.. :(. We also didn't get our HST back either which was a huge hit. 

Just a couple of f/u questions: 

-I mentioned it was 3 of us, do I need to provide any details for the other 2 people? In your example you put "Sole Proprietorship", can I do that to? Or I have to say co-ownership and then maybe put their information on the "Business Partners" page? 

-for the Expenses incurred in making the disposition -  are taxes paid on legal fees and commissions reportable in the total?  and is just the fees we paid on selling or can I include the legal fees on buying too? 

(I guess I can't include the HST we paid, ha ha .. )

I appreciate the help more than you know.. thanks again 

[One time property flip (T2125?)]

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