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W
whitecroft22
May 1, 2023
Question

Is there a Itc for a pure income rental home. Nothing owing on the home purchased with the intent of increase in value while making income from the rental

  • May 1, 2023
  • 1 reply
  • 0 views
It’s a ski resort property. Townhouse

    1 reply

    C
    ChetC7
    May 1, 2023

    Hi there,

     

    You will be required to report the proceeds from the sale of your rental home, for the year when it happens, as a gain or a loss.

     

    Here's some additional information you could use: 
    https://turbotax.community.intuit.ca/community/investments-rentals/discussion/how-to-report-sale-of-rental-property/00/927163

     

    Thanks!

    W
    whitecroft22Author
    May 1, 2023

    Sorry lets go at this a different way, is there an ITC for rental income as a solid portion of our combined income, or is this only applicable for property sold?

    C
    ChetC7
    May 1, 2023

    Got it, thanks for clarifying that.

     

    Yes, income from rental properties is considered taxable income and needs to be reported.

     

    Here’s more information for you:

    https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/income/enter-rental-income-expenses-turbotax/L3DdZkr9I_CA_en_CA

     

    Do let me know if this answers your question(s), or if you’d need additional information. Thanks!

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