2009 Tax Law Change for Home Sales : Question on Tax Credit


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ani70   
Member since: Oct 03
Posts: 765
Location: Canada

Post ID: #PID 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

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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).
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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

:cheers:


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ani


sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 24-03-10 20:17:53

CRA in Canada = IRS in USA

The article refers to US tax laws.

Are you asking about US tax laws or Canadian tax laws :confused:

Ufile is for Canadian Tax filing not US


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SS
Reiki Grand Master


ani70   
Member since: Oct 03
Posts: 765
Location: Canada

Post ID: #PID Posted on: 24-03-10 20:31:56

Thanks Sudesh for your feedback.
It was my mistake not to check that is releted to US tax:D
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


sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 24-03-10 22:35:56

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




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