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Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 98443
Experience:  Lawyer
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In July 2012 my ex husband, my current husband and myself

Customer Question

In July 2012 my ex husband, my current husband and myself bought a condominium for $216,000 each owning one third. My disabled son and my ex husband have lived there the whole time. We sold the condo in July 2015 for $226,000 and bought another condo in August 2015 where my son and ex husband currently reside, with ownership split 3 ways between myself, my current husband and ex husband. The realtor commissions on the sale of the first property was $9,000. My question is, do I and my husband have to claim any capital gain or loss and how do we do it? My understanding is the gain is calculated by subtracting the 2015 selling prices 226,000 minus the 2012 purchase price 216,000 which is a gain of 10,000 minus any fees with respect to the sale. When you factor in the real estate commissions and the notary fees, the net gain is 0.
Submitted: 1 year ago.
Category: Canada Tax
Expert:  Legal Ease replied 1 year ago.

To calculate if there was a gain or not you take the sale price and subtract the purchase price and as well you subtract any real estate commission, legal fees, closing fees and any expenses made for capital improvements.

If you are saying when you make that calculation the total is zero then there is no capital gain.

Let me know if you need any further clarification.