Question

Sold principle residence, owned less than 365 days. Have to create self-employment income now. Under revenue, is it the sale price of home? Or the profit made?

Forum|Forum|1 year ago
April 30, 2024
2 replies
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Hi,

Since the gain you have made will be reported as business income, you will need to report the the total gain amount (Selling Price - Acquisition Cost) under the Revenue section of your T2125 form. If your Selling price is less than your acquisition cost (sold at a Loss), you will report Nil under Revenue.

D

Dhiv

Hello,

You would use the profit (Sale price - Purchase Price) as your revenue generated.

You can refer to the following link for any other assistance:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/sale-your-principal-residence.html

Hope this helps!