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S
Shelley9
Level 3
April 6, 2022
Question

Selling of property not principle residence

  • April 6, 2022
  • 1 reply
  • 3 views

Client sold her cottage, wasn't her principle residence.  Purchased in 2012 for $152,900 sold 2021 for $200,000 where do we put this on income tax.

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1 reply

J
janisbossenberry
Level 7
April 6, 2022

Schedule 3 - section 4 - Real estate sale.

S
Shelley9Author
Level 3
April 6, 2022

Thank you, I did look at that however I'm confused as to where to put the purchase price

J
janisbossenberry
Level 7
April 6, 2022

When you click on that section in the Schedule 3, it takes you to the Capital Gains screen.  Under transaction type, it is real property, dates to record, Proceeds of disposition, and adjusted cost base (ACB) is your purchase.  Purchase includes other costs of the purchase, like legal, etc.

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