Capital gains on rental property

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hbedi29
Returning Member

Capital gains on rental property

Hi  I have question about capital gains 

 

I bought house A in 2011 for let’s say 5000 and in 2017 I converted it into rental property and bought house B in July 2017  at that time house A market value was 10000  if I sell house A now for 15000

 

 what will be my capital gains  calculations for this scenario 

 

 

3 Replies
TurboTaxNicola
Moderator

Capital gains on rental property

Thank you for choosing TurboTax. There are many unanswered questions such as: Was the house your principal resident at the time?  Do you have any unused capital gain loss carrying from prior years?  I am recommending you consider using one of the services offered by our Tax experts so you are able to maximize any credits or deductions you are entitled to.

 

Please see the link below:

https://turbotax.intuit.ca/personal-tax-software/live-catalogue.jsp

 

 

hbedi29
Returning Member

Capital gains on rental property

no I don't have any prior gains or loses  

 

hbedi29
Returning Member

Capital gains on rental property

yes A was my principal residence and I converted it into rental and bought a  house B  and then it is my principal residence  Now 

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