Posted on: 24-03-10 19:25:16
Hello,
I have found out this other day on 2009 Tax Law Change for Home Sales
http://personal-tax-planning.suite101.com/article.cfm/2009_tax_law_change_for_home_sales
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Beginning with the 2007 tax year, the Internal Revenue Service (IRS) has allowed taxpayers to exclude $250,000 of gain from federal taxation on the sale of principal residences ($500,000 for married taxpayers).
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Looks like I will be able to comply those conditions 
My questions are
1- What are the expenses related to home sales I can file as a tax credit.My question is more on notery fees,real estate agent commision etc
2- Which tax Form will be relevant to claim those credits?I have been filing online via Ufile for last several years but could not find out the credit form/information in the Interview section of the Ufile
Thanks for your feedback/comment on this
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ani
CRA in Canada = IRS in USA
The article refers to US tax laws.
Are you asking about US tax laws or Canadian tax laws 
Ufile is for Canadian Tax filing not US
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SS
Reiki Grand Master
Thanks Sudesh for your feedback.
It was my mistake not to check that is releted to US tax
Yes I am looking at Canadian Tax ....can you please respond to my questions ..also
Q3; how I calculate the Gain on Capital ..should I exclude X = mortgage,insuarance etc during calculation (Gain/Loss = sale price -purchase price -X)?
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ani
Quote:
Originally posted by ani70
1- What are the expenses related to home sales I can file as a tax credit.My question is more on notery fees,real estate agent commision etc
If it the principal residence, you cannot write-off anything
Quote:
Originally posted by ani70
2- Which tax Form will be relevant to claim those credits?I have been filing online via Ufile for last several years but could not find out the credit form/information in the Interview section of the Ufile
Refer to response from (1) above
Quote:
Originally posted by ani70
Q3; how I calculate the Gain on Capital ..should I exclude X = mortgage,insuarance etc during calculation (Gain/Loss = sale price -purchase price -X)?
Refer to response from (1) above
If it is a rental property, then I'd suggest you use the services of a professional to file your taxes.
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SS
Reiki Grand Master
