☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 6:00:41 AM

Is capital gains on a house purchased in 1954 for $5k, rented out 1957 to 2017, with $20k in improvements, sold for $700k in 2017 with $12k fees: (700-12)-(5+20)= $663?

What paperwork does CRA require be submitted to support these figures?

0 1 1211
1 Best answer
New Member
Oct 30, 2019 6:00:43 AM

The calculation is a bit different 700,00-(5000+20000) -12,000 = 663,000 but the answer is the same.  Determine if you made an election to declare some of the potential capital gains in 1994.  There may have been legal fees, and transfer taxes in 1954 as well.  If you took CCA on the building, that will be recaptured.

1 Replies
New Member
Oct 30, 2019 6:00:43 AM

The calculation is a bit different 700,00-(5000+20000) -12,000 = 663,000 but the answer is the same.  Determine if you made an election to declare some of the potential capital gains in 1994.  There may have been legal fees, and transfer taxes in 1954 as well.  If you took CCA on the building, that will be recaptured.