Turbotax: Principal Residence Designation Worksheet

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Q: How does one access and fill up the principal residence designation worksheet?

A: As shown in the video:

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Q: Why is the figure on the T2091 - Line 9954 inaccurate? It is higher than what it should be?

A: Please verify the amounts for proceeds and adjusted cost base are accurately entered as shown in the video. Proceeds is amount received from sale of the property and adjusted cost base is overall cost of the property including any fees, commissions, renovations etc. Taxable Gains = Proceeds - Adjusted Cost Base For example if Proceeds is $600,000 and Adjusted Cost base is $500,000: Capital Gain = $100,000..
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