Real Estate Sales - Are They Taxable? What About My Principal Residence?

Author: External Author | | Categories: Tax Accountant , Tax Consultant

The gain on the sale of real estate is a capital gain unless the property has been purchased with the intent of reselling at a profit, or developed and sold as a business endeavour.  If it is considered a business transaction, the entire profit or loss on the sale is taxable or deductible.  If the transaction is a capital gain (principal residence, summer cottage, second home, rental home, etc.), only 50% of the gain is taxable.

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Original Article Source Credits:   Taxtips ,

Article Written By:  NA

Original Article Posted on:  May 28, 2021

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