Report capital gain of real property (not principal residence)

1470118 · ‎March 17, 2023

Hello,

I was trying to report in the S3 Details schedule my share of capital gain on a disposal of my cottage and my friend has to report his share. The schedule only provides space to reflect share percentages for the taxpayer (myself) and spouse. In this case, there is no spouse involved. Where can I put my friends share and his SIN # in order to complete this schedule ? Can anybody help ? Your insight in this would be greatly appreciated.

Thank you,

Ric

janisbossenberry · ‎March 18, 2023

When you fill out the S3Details form, just put in 50 where it asked "% reported by taxpayer", and record the full proceeds and ACB in the details. If your client does have a spouse and he/she is just not an owner, then override his/her 50% to zero. If there is no spouse at all, the zero will automatically show up. Only one-half of the proceeds and ACB will carry forward to the Schedule 3. Profile will tell you that there is an override on the schedule, but just right click the diagnostic and say it is approved. The other owner has to report their own - you do not need to provide their SIN, name, etc.

1470118 · ‎March 18, 2023

Thank you so much for your help Janis. It is very much appreciated.

Ric