How to report sale of rental property? (2024)

You will need to report it as either a capital gain or loss.

In Schedule 3, you'll be scrolling down and looking for Section 4.
Here you'll enter the address of the property sold, along with 'Proceeds of Sale' (what you sold it for), followed by the ACB (what you purchased it for, plus the legal fees at the time) and lastly the 'Outlays and Expenses' (which are the legal fees and , say, realtor fees associated with the sale).Enter the data, and make sure there are absolutely no errors. T/Tax will do the math and enter the figure in the last box, and will place the resultant calculation in boxes 136 and 138.
Check your legal paperwork and make sure you've got your sums right. Keep every piece of paperwork relevant to the sale of the property.