Selling a Home & Your Taxes
If the home was your primary residence for every year that you owned it, you do not have to report the sale on your income tax return. This means that you will have no capital gain. However, if the home was not your primary residence for the entire time you owned it, you may have to report all or part of your capital gain, if any. If you experience a capital loss in the sale of a property, which was not your primary residence for every year you owned it, you may be able to claim that loss on your tax return.
You will want to view the following forms to determine your gain/loss if any, and the effect on your tax return:
Capital gains guide T4037:
Determine your gain/loss:
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