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Capital gain from the Sale of country home.


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Hi @Gennaro

To enter the sale of your secondary residence, follow the steps below.

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 "Personal use property (including principal residence)".

5. On the page titled "Personal Use Property", enter the necessary information, for example on the line for "Description of the property", enter "Secondary residence" and answer all the questions.

6. If you are a co-owner of the property, go to the line "Your percentage share of capital gain/loss recorded here" and enter your share in the field on the right.

7. On the following line, if your spouse was co-owner of the property with you and you wish to transfer his gain or loss to him, indicate it by selecting "Yes" in the box to your right. Of course, in this case it is necessary that your spouse's tax return is processed with yours.

The amount of the capital gain will be reported by the program on line 127 of the federal return and, for Quebec residents, on line 139 of the Quebec return.

If you have suffered a loss, both the federal and the Quebec notices of assessment will mention it.

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