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Shelley9
Level 1

Selling of property not principle residence

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.

3 Comments 3
janisbossenberry
Level 7

Selling of property not principle residence

Schedule 3 - section 4 - Real estate sale.

Shelley9
Level 1

Selling of property not principle residence

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

janisbossenberry
Level 7

Selling of property not principle residence

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.