Example numbers:
Paid 100k for a house used as a rental
sold for 200k.
depreciated each tax year while renting it from initial value of 75k (for house, not land) down to 25k the year I sold it. (50,000$ depreciation)
How much 'capital gains' is taxable here? how do I add the depreciation 'income' into Turbo tax?
Please check Rental Income Centre for detailed instructions on how to enter expenses (including CCA) for a rental property using TurboTax.
There are some discussions regarding rental property disposition that you may be interested to look at:
Dos and Don’ts: CCA for Rental Property Explained
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