Real Estate

Capital gain on rented house

  • Last Updated:
  • Apr 6th, 2021 9:42 pm
[OP]
Newbie
Sep 14, 2020
2 posts

Capital gain on rented house

Hi all,
I need some advice on how to calculate the taxe on my capital gain so i can put the same amount in my RRSP..

I know that i only have to pay taxes on 50% of my gain

Long story short, let say we bought a duplex 250k and sold for 418k
Had 180k left on mortage. We never lived there.

What are considered capital gain and what's not?
I had to pay 16k for the real estate agent, 4k bank penalty,1.5k notary fee.
We are left with 213k in cash, 106.5k ea..

Is my capital gain
(418k - 250k) /2 = 84k
50% of 84k = 42k. So i only pay taxes on this 42k??

I am not sure how to calculate it...
Thanks in advance!
3 replies
Deal Addict
Jun 7, 2017
1007 posts
784 upvotes
BC
DavidC80560 wrote: Hi all,
I need some advice on how to calculate the taxe on my capital gain so i can put the same amount in my RRSP..

I know that i only have to pay taxes on 50% of my gain

Long story short, let say we bought a duplex 250k and sold for 418k
Had 180k left on mortage. We never lived there.

What are considered capital gain and what's not?
I had to pay 16k for the real estate agent, 4k bank penalty,1.5k notary fee.
The cap gain is 418 - 250 - selling expenses (which you listed). 50% of the cap gain is taxable.
Deal Addict
Mar 3, 2018
2169 posts
2180 upvotes
GTA
418 - 250 - 16 - 4 -1.5 = 146.5K capital gain

@50% = 73.25K taxable capital gain
Newbie
May 8, 2018
68 posts
49 upvotes
Furcorn wrote: The cap gain is 418 - 250 - selling expenses (which you listed). 50% of the cap gain is taxable.
Ur missing stuff that u can use to increase ur ACB most obvious ur buying expenses (land transfer,lawyer fee) + any $$ u put into the house (larger items increase ACB)

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