Yo Yo Posted March 29 Report Share Posted March 29 I tried to file under Foreign capital gains - Real estate & other depreciable property I tried to enter below information: Date of acquisition: 2010-01-01 Date of disposition: 2023-12-31 Proceeds of disposition: 50 Adjusted cost base of the property: 100 Outlays and expenses relating to capital property dispositions: 5 No capital loss is calculated. Is it correct? But on the other hand, If I put Proceeds of disposition: 100 Adjusted cost base of the property: 50 Outlays and expenses relating to capital property dispositions: 5 It will show 45 as captial gain. I don't know what I did wrong. Please help. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 29 Report Share Posted March 29 Hello Yo Yo, Selling Your Property (House Or Residential Complex) : If you sell your house or residential complex, you generally have to report a capital gain or loss on the sale. In general, half (50%) of a capital gain on the sale of your house is taxable. However, a capital loss is not deductible. A loss from the sale of depreciable property is not considered to be a capital loss. However, you may be able to claim a terminal loss. This requires CCA claimed from previous years. T776 – Line 9948 CRA : https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P640_61355 RQ : https://www.revenuquebec.ca/fr/citoyens/votre-situation/achat-vente-location-ou-renovation-dune-propriete/vente-de-votre-propriete/ Quote Link to comment Share on other sites More sharing options...
Yo Yo Posted March 31 Author Report Share Posted March 31 Thank you so much Geo. May I clarify what depreciable property means? Is that means any house or apartment is a depreciable property? I am not sure if i understand correctly, as I heard that if i have the capacity loss on selling my house, the loss I can be used on reducing the capacity gain of my investment house in future? If yes, how should I report it? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 1 Report Share Posted April 1 Hello Yo Yo, You are welcome. For further information, please contact the CRA at 1-800-959-8281 CRA https://www.canada.ca/en/revenue-agency/corporate/contact-information.html Quote Link to comment Share on other sites More sharing options...
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