Hi all
Trying to figure this one out for my rental property. I bought about 6 years ago and lived there for 5. Have rented it out for about the past 1.5 years.
Here is my example:
Actual Cost Base
House - $117,000
Land - $242,000
Total ACB - $359,000
Bank assessed value at time of change
$360,000
Property assessment at time of change
$337,000
Property purchase price 6 years ago
$224,500
If I was selling the property for $340,000 am I correct in my thinking I will have a capital loss?
Trying to figure this one out for my rental property. I bought about 6 years ago and lived there for 5. Have rented it out for about the past 1.5 years.
Here is my example:
Actual Cost Base
House - $117,000
Land - $242,000
Total ACB - $359,000
Bank assessed value at time of change
$360,000
Property assessment at time of change
$337,000
Property purchase price 6 years ago
$224,500
If I was selling the property for $340,000 am I correct in my thinking I will have a capital loss?