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!
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!