[churchjt]

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?

 

[cardhu]

How did you come up with an ACB of $359k, if you only paid $224k for the property? Have you put in $135k in improvements?