Wednesday, June 13, 2012

Investment Property

2:23 PM



Question:

On taxes: how does the software handle capital gains on other property. I have added a property, that is not my principal residence, but I do not see any related taxes in the year of disposition.

Answer:

1. Select the percentage that will be used as a source of retirement income in 'Other Assets'

2. In 'Sources of Income', select 'Other Property' as a source of retirement income.

If you use 100%, the tax should show in the year of disposition. If you select less than 100%, a proportionate tax is allocated to non-registered investments and shown in 'Accumulations', and the remainder is accounted for in the last column called 'Other Assets'.

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