Entering Sale and Purchase of home in 2022

[JohnF]

I understand how to enter the disposition of the sale of my old home this year and the fact I had the home since it was built in 2005. I entered all that information for the Capital Gains exemption. My questions are the following;

Do I have to enter it for my spouse as well or since we are married it is considered one unit per family

Second question is how does the Plus one work, I have purchases my new primary residence this year as well. Where or how do I enter the information of the purchase. The reason I ask is I sold and bought in July 2022 so half the year it was one home the and the other half year the other. I just cannot understand where or how to enter the purchase details of the primary residence I purchases and reside in.

[clw]

If you answer ‘Yes’ to ‘transferring the principle residence sale to your spousal return’ , Ufile will automatically do this. The ‘plus one” rule is a ‘free year’ gifted to you the year you change properties. If you designated the home for all years owned, Schedule 3 should be empty, except for line 17900 with box 1 checked. The first page only of the T2091 should be completed. No info on the purchased home is required.

[JohnF]

Thank you clw.

[SadTaxes]

I went through something similar last year. For the capital gains exemption, if you and your spouse are filing jointly, you typically only need to enter the information once since it’s considered one unit per family.

However, it's always good to double-check with a tax advisor just to be sure.