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Principal residence exemption
Principal residence exemption is calculating capital gains on version 2024.2.7.191
WHY?
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you need to fill out the form T2091 correctly by entering the number of years designated etc.
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I am getting a capital gain calculation as well even after filling out the T2091.
The S3 and T2091 are in draft mode.
Mario I assume this will corrected on the next software release?
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yes, the form is in draft and not ready yet
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If you fill out the T2091 correctly, there will be a capital gain or not depending of the situation.
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For the past several years when you selected Line 17900 box 1 and ensured there was a figure on Line 9956 of the T2091 that was all that was needed. The rest of Section 1 of the T2091 was completed automatically using information from the S3 (or the S3PrincipalResidenceDetail form) and it still is.
Anything after the signature line (on the T2091) is supposed to be for a scenario other than Line 17900 box 1.
On the T2091 form under "Completing this Form" it confirms this.
The problem is that now after 7 years of using the same procedure, it is calculating a capital gain.
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Thanks, I get your point totally now. I will get back to you shortly
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So you are right, when Line17900 box 1 is ticked, no entries are required on section 2 of T2091 or T1255. This will be fixed in an incoming update. Thanks again, Mario
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Intuit please advise when we can expect an updated release to Profile tax software that will enable the filing of personal tax returns with a Primary Residence Exemption, specifically for cases where the home was used solely for personal use during all years of occupancy.
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There is an update 2024.3.7 this morning for capital gains
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Downloaded 3.7 this morning and it has not been fixed