Real Estate

# Capital gain on rented house

• Last Updated:
• Apr 6th, 2021 9:42 pm
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[OP]
Newbie
Sep 14, 2020
3 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...
3 replies
Jun 7, 2017
1043 posts
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.
Mar 3, 2018
2868 posts
GTA
418 - 250 - 16 - 4 -1.5 = 146.5K capital gain

@50% = 73.25K taxable capital gain
Jr. Member
May 8, 2018
181 posts