Adjusted cost base ?

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sold our house   what is the adjusted cost base?

[janvi]

The adjusted cost base is usually the cost of a property plus any expenses to acquire it, such as commissions and legal fees. As an example, let’s say you purchased a property for $500,000, incurring $2,500 in legal fees in the process. The adjusted cost base on your new property would then be calculated as $502,500.

However, if you require any further information on how to record the sale of your house, please follow this link- https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/sales-logistics/report-sale...

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This takes into account the original purchase price of your property, including any costs to acquire it (things like commissions, legal fees, etc).

If you received a property as a gift or through inheritance, the cost of the property is set at fair market value, which means the highest dollar value you could get for your property in an open and unrestricted market. Adjusted cost can also include capital expenditures, such as the cost of any additions or improvements you made to the property before disposal.

As an example, let’s say you purchased a property for $500,000, incurring $2,500 in legal fees in the process. The adjusted cost base on your new property would then be calculated as $502,500.

Here an excellent article about this theme: What are capital gains and losses? 

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