Wife and I bought a double lot (120' by 150') in 2015 and have lived in it since. We sold the lots separately in 2023 and bought a new house. How do we record this?

Forum|Forum|2 years ago
March 17, 2024
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The house is entirely on one lot by we used the whole property daily for recreation, gardening, etc. and it is less than half a hectare. How do we record this in our tax return? We have a survey of the property that can help explain, do we add that to the tax return as well?

TurboTaxSusan

If the house (and the lot it was on was your Principal residence, then you can report the sale as such.

If the second lot (without the house) had it's own address and separate property tax, then it would likely not qualify as being part of your Principal residence. In that case you would report it as a capital gain/loss.

If the second lot was considered as being at the same address as the first lot, then you would need to talk to the CRA about how much (if any) part of the lot you can include as part of your Principal residence.