Disposition of property in US

T1
1

Client disposed of real estate in the US. Do I enter on Sched 3 and convert all figures to Cdn Funds? Or ?

2

Yes - use exchange rates at date of purchase for cost and at date of disposition for proceeds. Also need a US return more than likely. I can help you get that filed if necessary.

3

I think I have it. Just do a schedule outside the return and enter the capital gain under the Foreign Income scheduleJ

Gay Wise

gaywise@wisefinancialservices.ca

250-743-5999

1757 Shawnigan Mill Bay Road

Shawnigan Lake, BC, Canada

V0R 2W0

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4

I think the foreign income screen is more for foreign income reported on slips. The capital gain should be reported on Schedule 3. You can use the Capital Gains Manager (jump code S3M) to enter the foreign currency conversion.

5

Amounts entered on the T1135 don’t get transferred to the T1, so you’ll still need to enter it on S3. Plus, unless the cost exceeded $100,000 Cdn, it doesn’t go on the T1135 anyway.

Harley Hemeon, B.Sc., CPA, CGA

Harley Hemeon Inc.

1639 Eastern Shore Rd.

West Berlin, NS B0J 1H0

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Halifax, NS B3M 4H5

Cell: (902) 483-8193

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Halifax: (902) 407-0360

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6

Thanks Kevin

Gay Wise

gaywise@wisefinancialservices.ca

250-743-5999

1757 Shawnigan Mill Bay Road

Shawnigan Lake, BC, Canada

V0R 2W0

  • This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom
    they are addressed. This message contains confidential information and is intended only for the individual(s) named. If you are not the named addressee, you should not disseminate, distribute or copy this email. Please notify the sender immediately by email
    if you have received this email in error and delete this email from your system. If you are not the intended recipient, you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly
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