In 2003, Debbie purchased a house for $230,000. In 2020, she sold it for $810,000. During this
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In 2003, Debbie purchased a house for $230,000. In 2020, she sold it for $810,000. During this period, Debbie had lived in a condo elsewhere for 5 years which she claimed as her personal residence from 2003 to 2008. This means that she will have to adjust the number of years that she can claim the house as her principal residence in order to calculate the taxable capital gains that must be reported to Canada Revenue Agency (CRA). Please determine the taxable capital gains.
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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