how to claim Capital gain form of principal residential house sale

Forum|Forum|4 years ago
March 14, 2022
1 reply
10 views

Hi My client sold house in 2021 which was bought in 2018.

Total Capital gain is about $150,000, I have completed form S3, S3Details T2091 IND, but dont know where to write and some thing is missing to complete form for capital gain exemptions.

any one can guide me to claim capital gain as individual because this was their principal resident.

thanks and regards.

RAO

ProFile (Canada)

This topic has been closed for replies.

Best answer by janisbossenberry

For the sale of a principal residence, you only enter the information on the S3PrincipalResidenceDetail form. If that is filled in correctly, you only check off that it is a principal residence, address, year of acquisition, proceeds. There is no place to enter the cost on that form so a capital gain is not calculated. If you have a capital gain showing, I suspect you have entered some figures in the real estate section of Schedule 3?

J

janisbossenberryAnswer

Level 7

For the sale of a principal residence, you only enter the information on the S3PrincipalResidenceDetail form. If that is filled in correctly, you only check off that it is a principal residence, address, year of acquisition, proceeds. There is no place to enter the cost on that form so a capital gain is not calculated. If you have a capital gain showing, I suspect you have entered some figures in the real estate section of Schedule 3?

Rao_ashrafAuthor

Level 3

Thanks a lot for your cooperation, this this worked, without S3Details it is fine.

C

cmathslucac

Level 2

Hi, What if the property is part of the year was Principal residence and part of the year rental property. Let say the owner bought the property in 2012. From 2012 to 2016 principal residence. then 2017-2021 rental property (100%). How do I record capital gains? Hope you can help. Thank you,CC

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