Tax is exempt on farm property up to 750,000 dollars.I showed a gain of 100,000 on eligible farm property in 2010.I also had stock market capital loss of 100,000 in prior years.My accountant applied the gain on farm property to capital losses, so my capital loss carryover is 0. In 2011 I have a capital gain of 100,000 and have no loss carryover.Is this fair??
State/Country relating to question: Canada
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I don't know how to make this more clear. I appears that sale of farm property is exempt unless you have lost money on the stock market in the past and have a capital loss carry forward. If I lost money the year after the exempt property was sold, instead of the year before, I would still have the loss carryover to cancel future gains. In effect I have lost the tax on 100,000.00.
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