Joe Shmoe Posted April 9 Report Share Posted April 9 Hi there, Hope you are all doing well. I had a capital loss from a property I sold last year. However, it does not show a number at all for section 5 (capital gain/loss )for "Real estate, depreciable property and other properties" capital gain/loss (Schedule 3). My business partners accountant had the same issue, so they used a different tax program. It shows the correct numbers in section 1-4. But nothing in section 5. Has anyone else had this issue? Kind regards, Joe Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 9 Report Share Posted April 9 Hello Joe Shmoe, 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...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.