Do you need to pay Capital Gain Tax on sale of a Partly Principal Residence with a Rental Suite (eg, a duplex)?
1/ When you sell, you need to split the Capital Gain or Loss between Principal Residence and Rental Suite.
2/ You can do the splitting by using square feet or number of rooms.
3/ Just need to report the Rental Part.
4/ No need to report the Principal Home Part.
5/ For the Rental Part, pay Capital Gain Tax if you gain; claim loss if you lose.
1/ When you sell, you need to split the Capital Gain or Loss between Principal Residence and Rental Suite.
2/ You can do the splitting by using square feet or number of rooms.
3/ Just need to report the Rental Part.
4/ No need to report the Principal Home Part.
5/ For the Rental Part, pay Capital Gain Tax if you gain; claim loss if you lose.
No comments:
Post a Comment