Selling your rental property
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Selling your rental property
If you sell a rental property for more than it cost, you may have a capital gain.
List the dispositions of all your rental properties on Schedule 3, Capital Gains (or Losses).
If you are a partner in a partnership that has a capital gain, the partnership will allocate part of that gain to you. The gain will show on the partnership's financial statements or in box 151 of your Slip T5013, Statement of Partnership Income. Report the gain at line 174 of Schedule 3.
Note
You cannot have a capital loss when you sell depreciable property. However, you can have a terminal loss. For more information, see Column 5 - UCC after additions and dispositions.
Forms and publications
- Guide T4036, Rental Income
- Guide T4037, Capital Gains
- Schedule 3, Capital Gains (or Losses)
- Form T776, Statement of Real Estate Rentals
- Slip T5013, Statement of Partnership Income
Related topics
- Column 5 - UCC after additions and dispositions
- Line 127 - Capital gains
- Line 9948 - Terminal loss
- Ownership
- Date modified:
- 2016-01-05