Hello,
I am trying to figure out whether the Proceeds of Disposition is calculated after ‘Outlays/Expenses relating to Sale’ and US witholding tax. Or is it the amount after deduction of Outlays/Expenses relating to Sale. Or is it the gross sale price of the property.
On Ufile, There is already a spot to enter the ‘Gain/loss from the disposition from all specified foreign property’. I think this would be the gross sale amount of the property minus purchase price.
There is also a spot to enter ‘Outlays/Expenses relating to Capital Property Dispositions’. I entered the cost of selling ie. closing costs/realtor fees.
So would the below be correct:
sale price: $200,000 minus $30,000 witholding tax minus $15,000 outlays/expenses relating to sale = proceeds of disposition $155,000
If anyone could help with this, would be greatly appreciated. Much Thanks!!