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uma-shah41
Level 2
April 19, 2023
Question

Condo town house falls in which class? if it is sold less than purchase price, is it a terminal loss and where should I enter in profile proceeds, notary fees and ACB?

  • April 19, 2023
  • 1 reply
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janisbossenberry
Level 7
April 20, 2023

If it was a rental property, it is Class 1 on the CCA schedule (building portion only, common land portion does not go there).  The disposition gets recorded like any other capital property (building portion to the CCA schedule up to original cost, land portion and building if proceeds greater than cost to the Schedule 3).  Cost of disposition are split between building and common land.  There are special rules which will deny a terminal loss if there is a gain on the land.

 

An overriding consideration is whether or not this was a personal use property (no terminal loss), or a property which was "flipped", in which case you have an Adventure in the Nature of Trade for a business schedule instead of the rental.

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