Real Estate

Capital gains in a lived in and rented out duplex

  • Last Updated:
  • May 19th, 2020 7:31 pm
[OP]
Member
May 27, 2013
434 posts
28 upvotes

Capital gains in a lived in and rented out duplex

Looking to sell my property . The part that's confusing is I never changed my address to this property and lived elsewhere that I didn't own . CCA NOT CLAIMED. how do I prove I moved in ?

Yeat 1 of the year i purchased the property i lived in the main floor for the 5 months of the year and rented out the basement for 2 months of the remaining of the year .

Year 2 rented out the top floor for 10 months and basment for the while year

Year 3 /current top floor rented out. Tenants moved out and I am looking to move into basement for the time being till I sell it .

My question is this is the only house I own do i have to pay capital gains . In my taxes i claimed expenses like utilities, mortgage interest and repairs for the time it wasn't occupied by me...
Last edited by wantboost1 on May 19th, 2020 7:52 pm, edited 1 time in total.
2 replies
Sr. Member
May 23, 2006
937 posts
115 upvotes
Vancouver
I believe you can claim principle residence for one property as long as you live in such property part of the year.

Now, if you rent it out, i think you can claim principle residence for the rental portion as long as you didn't claim the CCA deprecation tax deduction.

https://www.canada.ca/en/revenue-agency ... dence.html
wantboost1 wrote: Looking to sell my property . The part that's confusing is I never changed my address to this property and lived elsewhere that I didn't own .

Yeat 1 of the year i purchased the property i lived in the main floor for the 5 months of the year and rented out the basement for 2 months of the remaining of the year .

Year 2 rented out the top floor for 10 months and basment for the while year

Year 3 /current top floor rented out. Tenants moved out and I am looking to move into basement for the time being till I sell it .

My question is this is the only house I own do i have to pay capital gains . In my taxes i claimed expenses like utilities, mortgage interest and repairs for the time it wasn't occupied by me...

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