What does this question mean "For any property (or right to acquire a property) you sold, did you own it for less than 365 days before selling it?"

Forum|Forum|2 years ago
February 22, 2024
1 reply
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I bought a pre-construction condo unit 5 years ago, when it closed early last year I sold it in 3 months. How do I report?

GHarpe

Because of the new rules, you may wish to contact the Canada Revenue Agency (CRA) for clarification about your situation at 1-800-959-8281

The CRA has this link: How to report real estate sales but does not mention the new property flipping rule which this question relates to.

Thank you for choosing TurboTax.

GERRY LAROSE

WHY IS TURBO TAX GIVING ME AN ERROR WARNING ABOUT SELLING REAL ESTATE LESS THAN 365 DAYS AFTER BUYING IT WHEN I NEVER SOLD ANY REAL ESTATE IN THE LAST 40 YEARS AND I DID NOT ANSWER ANY QUESTIONS SAYING I DID.... I SUBMITTED MY RETURN TO CRA THEN I GOT AN IMMEDIATE REPLY FROM CRA THAT MY RETURN WILL BE ON HOLD FOR UP TO 60 DAYS DUE TO POSSIBLE CAPITAL GAINS REVIEW !!

I THEN WENT TO RE-FILE MY RETURN WITH CRA BUT I CANNOT DO THIS SINCE I KEEP GETTING THIS ERROR WARNING ABOUT SELLING REAL ESTATE WHICH I NEVER SOLD...PLEASE PROVIDE A QUICK REPLY THANK YOU ,....GERRY LAROSE TEL: [phone number removed]

GERRY LAROSE

THE ISSUE IS NOT WITH CRA, THE ISSUE IS WITH THIS INTUIT TAX PROGRAM. I NEVER ENTERED ANY INFO STATING THAT I SOLD ANY REAL ESTATE BUT THIS PROGRAM IS GIVING ME ERROR WARNING MESSAGE TO FIX THIS ERROR BY GOING BACK AND CORRECTLY ANSWER IF I SOLD ANY REAL ESTATE WITHIN 365 DAYS OF PURCHASING IT. I VERIFIED ALL MY ANSWERS FOR 6 TIMES AND CANNOT FIND ANYWERE THAT STATES I SOLD ANY REAL ESTATE !!! I'M STILL ON HOLD WITH MY PHONE CALL WITH THE CRA....THE NETFILE I SUBMITTED TO CRA THIS MORNING IS NOT ACCURATE DUE TO THIS INTUIT ERROR AND I NEED TO CLARIFY WITH THEM THAT I CANNOT REFILE DUE TO A GLITCH IN THE INTUIT PROGRAM I'M USING. THEY NEED TO KNOW THAT I DID NOT SELL ANY REAL ESTATE AND I SHOULD NOT BE SUBJECT TO CAPITAL GAINS REVIEW BY THEM. PLEASE REPLY ASAP ON HOW TO FIX THIS INTUIT ISSUE. THANKS...GERRY