Guest Jazz146 Posted August 5, 2003 Share Posted August 5, 2003 I know i should know this one, i did at one time. If you sell your principl;e residence for more than you paid for it, do we have to pay tax (capital gains) on this??? Link to comment Share on other sites More sharing options...
Guest A310 Posted August 5, 2003 Share Posted August 5, 2003 No Link to comment Share on other sites More sharing options...
John S. Posted August 5, 2003 Share Posted August 5, 2003 ...not if you live in it. If you have more than one residence then the CCRA rules apply as to which is your 'principal' residence. There are cases in the tax court where a person has built a residence, moved in and immediately put it on the market. (While the next one is being built.) If it sells within six months then they usually have to pay capitol gains. Link to comment Share on other sites More sharing options...
Guest texas Posted August 5, 2003 Share Posted August 5, 2003 You are exempt for the value of your home (principle residence only) and up to two acres any land that beyond two acres is subject to Capital gains tax. Link to comment Share on other sites More sharing options...
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