Schedule 6 - capital gain on real estates
How do I complete the schedule 6 to record the capital gain on the (commercial) real estate property?
The total POD has been allocated according to subsection 13(21.1) between (depreciable) building and (non-depreciable) land components, which has elimimated the terminal loss on the building.
There will be neither a capital gain or loss nor a terminal loss or recapture on the building portilon as per above.
(I've shown this in the Schedule 8)
However, there is a capital gain on the land portion.
Should I list both the land and building portions on the schedule 6, showing the POD and ACB info for both to show the whole property or only show the land portion which triggered the capital gain?
I'm inclinded to show them both on the schedule.
I could override the (apparent) loss on the building to be zero to be correct, and claim the (entire) selling expenses on the capital gain on the land.
This way, the complete infomation is shown on the schedule.
Can anyone advise if this will acceptable?
First time user.