PROPERTY CAPITAL GAINS TAX
Important information about Capital Gains Tax on property.
If the home was your primary residence for every year that you owned it, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption. You must file the information with your tax return by April 30th in order to claim the exemption.
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: