Real Estate

Selling Property - Adjusted Cost Base

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  • Apr 28th, 2021 2:49 pm
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Apr 28th, 2021 9:38 am
ZSupraZ [OP]
Jr. Member
Jun 20, 2005
173 posts
23 upvotes
Toronto

Apr 28th, 2021 9:38 am

Selling Property - Adjusted Cost Base

Hi,

Are the following applicable to the adjusted cost base on the sale of a rental property:

-Land transfer tax paid
-CMHC fee that was added to mortgage (was supposed to be a principal residence)
-Lawyers fees on sale
-Realtor commissions on sale

Thanks!
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Apr 28th, 2021 9:54 am
senasena
Deal Addict
Feb 19, 2019
1638 posts
2496 upvotes
Stouffville ON

Apr 28th, 2021 9:54 am

1 and 2 are added to the acb.
3 and 4 are selling costs, the net result is the same but it's not added to your acb.

That's assuming this was investment property from day 1.
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Apr 28th, 2021 2:49 pm
seatiger
Deal Addict
Mar 30, 2017
1152 posts
893 upvotes

Apr 28th, 2021 2:49 pm

senasena wrote: ↑ 1 and 2 are added to the acb.
3 and 4 are selling costs, the net result is the same but it's not added to your acb.

That's assuming this was investment property from day 1.
yea, 100% correct. In reality nobody not even cra cares how you classify it as long as the capital gain is correct.
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎

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