Members Lucius Posted January 12, 2012 Members Share Posted January 12, 2012 I know one of you wanna be guitar players knows something about finances . Help a brother out. We've been claiming the income on our taxes for the last two years (length of the rental) and now are looking at selling the house (it was our primary until then). The house value (assesment) has dropped by $1000 in those years. We have an appointment with our accountant (not a financial advisor) on Monday and I want to at least have a clue as to what the heck she is saying. Cheers, Lucius Link to comment Share on other sites More sharing options...
Members GodBlessTexas Posted January 12, 2012 Members Share Posted January 12, 2012 I have no clue what the tax laws are in Canada. Link to comment Share on other sites More sharing options...
Members magentaplacenta Posted January 12, 2012 Members Share Posted January 12, 2012 Last I checked, rental igloos are exempt from capital gains. Link to comment Share on other sites More sharing options...
Members RSBro Posted January 12, 2012 Members Share Posted January 12, 2012 Have you been depreciating the property at all? If your CA is good, you shouldn't have to worry about "recapture" of that, but some people aren't as aggressive as others... ;) That's the only thing to really worry about. Your income and expense items only apply to the tax years in which that rental/leasing activity took place and won't have any effect on basis/sales price. CHEERIOS- orBSR Link to comment Share on other sites More sharing options...
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