Cap Gains Re home sale

[andied]

I am a resident of Canada, and am selling my home in Canada and due to he significant appreciation of the Cdn$, I will be over the 250k exemption limit. As this gain is reported on Sched D, as long term cap gain, I am assuming (hoping) that this gain is considered passive income and can be lumped with other cap gains income and use any unused Cdn tax on form 1116 (even though there is no Cdn tax to pay on this house sale, I have unused foreign tax carryovers, from previous years.)

[nelsona]

The gain is considered passive income, so you can use tax carried forward from previous years (in the passive income category, of course).

You may have to go thru the Schedule D worksheets in the instructions of 1116.