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T
tamaraebzel
December 24, 2023
Question

I inherited a percentage of a property in 2023. We then sold this property in 2023. How do I put this in my return?

  • December 24, 2023
  • 2 replies
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    2 replies

    T
    Community Manager
    TurboTaxBrendaCommunity Manager
    Community Manager
    December 27, 2023

    Was the place where you inherited your primary residence?

    T
    tamaraebzelAuthor
    December 27, 2023

    No it wasn’t. It was a cottage that wasn’t being lived in. 

    T
    Community Manager
    TurboTaxBrendaCommunity Manager
    Community Manager
    December 27, 2023

    Capital gains tax comes into play if you sell the inherited home, and only if the home increases in value between the time you inherit it and the time you sell it. You're on the hook for taxes on 50% of the amount of that increase. 

     

    Did you rent out this cottage?

     

     

    T
    tamaraebzelAuthor
    December 27, 2023

    Didn’t rent it out. I only owned 1/4 of it. How and where do I put this on my tax return?

    T
    Community Manager
    TurboTaxBrendaCommunity Manager
    Community Manager
    December 27, 2023

    You will need to report it in schedule 3. We suggest you contact the CRA as they will be able to assist you with more information that you may need. 

     

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