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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10332
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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1.-Hi I had two houses one is located Tottenham a second

Resolved Question:

1.-Hi I had two houses one is located Tottenham a second one is located in Toronto.
2.-The house in Toronto my wife purchased together with their parent in 1992, when she was single and she married me in 1997.
3.-I move in when we married and I moved out in 1998 because of their parents and we were separated until 2001.
4.-We came back together in 2001 and we purchase together the property in Tottenham in 2001 and we move to Tottenham in 2002.
5.- In 2004 we put my name in the title in the house on Toronto and we took out their parent names from the house in Toronto because we want to put both mortgages together.
6.-My wife parents live in Toronto’s house since 1992 and they used more than 60 per cent of the house until now.
7.-We sold Tottenham property in Aug. 2013 which was our primarily residence and we can back to Toronto to our old house and we sold it $295.0000,oo
8.- We still rent a portion of the house but because of work a mi wife work we decide to came back to Toronto.
Do we have to pay capital games and could you calculate how much to pay capital games in order to see if for us in convenience to sell the house in Toronto
Submitted: 5 months ago.
Category: Finance
Expert:  Megan C replied 5 months ago.
Thank you for your question, and thanks for requesting me directly. Yes, in this case you would have to pay capital gains tax on the sale of the property in Toronto. How much your gain is depends on how much you purchased it for.

You will take the selling price of the home, subtract out what you paid for it and any improvements you made over the years. Subtract out the cost of the sale such as any real estate commissions and fees paid. The end result is the gain. Divide that in half, and that's what you will owe capital gains tax on. It is taxed at your ordinary income rate.

I could not calculate your capital gains for you because I would have to pretty much complete your tax return. However, I can tell you how much gain will be included in your income.

Please let me know if you need anything additional. If not, please rate me positively so that I may receive credit for assisting you today.
Customer: replied 5 months ago.

1.-HI the hosuse in Toronto was purchases in 1992 and the price was $180.000,oo


2.- the price of the house is between 550 to 640


3.- we never rent the all house the rent was problably 40%


4.- My wife's parent live sice 1992 until now


5.- We always kept an aparment for us to have control of the tenants


7.- Can we chosse the house in Tottenhan to pay Capital gains


8. we live in the house until 2002 and we change the name in the title in 2004. how we calculate that .


 

Expert:  Megan C replied 5 months ago.
Yes, you can choose the house in Tottenhan to pay capital gains tax on.

You would calculate your capital gains by taking the selling price and subtracting out what you paid, and subtracting out any fees you paid as a result of the sale such as real estate commissions etc.

Then, 1/2 of that amount is included in your income. So, it will be taxed at the same rate as any other income you have.

Please let me know if you need anything additional. Thanks, XXXXX XXXXX complete please rate positive using 3-5 smileys and stars located along the bottom of your screen. Thanks.
Customer: replied 5 months ago.

sorry to ask so many questions


1.-the house in tottenham we purchased 170 and we sold it for 295 can calculate


2.-You mention the real estate was 14.000 and we have other expensas such us we renovated the all kitchen basement finish new bat how can we calculate that and how we prove that what documento do i need


 


thaks


 

Expert:  Megan C replied 5 months ago.
Thank you for your follow up. You would have to have documents proving that you made those renovations, such as invoices or canceled cheques for payment.

Your capital gain would be 125/2, or $62,500. You would be taxed at your ordinary rate on $62,500

Please let me know if you need anything else. If not, please rate positively so that I may receive credit for assisting you today
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10332
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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