Selling Your Property (House or Residential Complex)
This page does not reflect the new capital gains measure. See our FAQ for more information about the new capital gains measure.
If you sell your house or residential complex, you generally have to report a capital gain or loss on the sale.
In general, half (50%) of a capital gain on the sale of your house is taxable. However, a capital loss is not deductible.
Flipping your property
As of 2023, if you sell residential property (including rental property or a purchase option) that you owned for less than 365 consecutive days and the sale is not due to a life event, we consider that you flipped the property.
For more information, see Flipping Your Property (Home or Residential Complex).
For more information on reporting capital gains and losses, see guide IN-120-V, Capital Gains and Losses.
Sale of your principal residence
Under certain conditions, you can designate all or part of the house or residential complex sold as your principal residence.
Designating a property as your principal residence allows you to avoid paying taxes on all or part of the capital gains.
This exemption will lessen your tax load and help you build wealth.
For more information, see Designating a Property as a Principal Residence.