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Deductions & credits
Yes. You are correct on all counts. You would enter the sale of your residence as an investment sale.
- Open your tax return. I assume you are using the Home and Business version since you mention the terms personal income.
- Go to personal>personal income
- Go to investment income
- Go to Stocks, Cryptocurrency .......
- Classify this as other
- Follow all prompts that follow to determine your capital gains income from the sale.
For the interest income you would go to personal income>interest and dividends to report the interest income. Then visit the foreign tax credit and report $11000 as passive income under the gross income section. Be sure to report the full amount of foreign taxes paid when it asks for this information in the foreign tax interview.
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‎February 13, 2024
5:24 PM