how do spouses claim capital gain from selling a cottage ( wife doesn't work )?


1 person found this helpful

Complete and submit schedule 3 of the personal income tax return.  You will need to know the amount of the "Proceeds of Disposition" (the selling price), the ACB (the cost of the cottage, including any significant additions or alterations that might have increased the value), and the "Outlays and Expenses of Dispostions" (i.e. Real-estate commissions, legal fees, etc...).

If the Cottage was jointly owned by the two spouses, then claim 50% of all of these amounts on schedule 3 (Schedule 3-details allows you to put %'ge reported by taxpayer and %'ge reported by spouse)
Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: