If the unit was rented out half the time, how would tax be treated differently?
@HelloHello-zi7sh
2 жыл бұрын
thanks for the video, it is very useful
@pedrochip
7 жыл бұрын
thanks, your videos are very easy to understand
@builderindustrial
7 жыл бұрын
Very good thank very much
@AllanMadanCA
7 жыл бұрын
You're welcome
@AndrewAMG_
5 жыл бұрын
Where can current expenses be claimed? ie repairs? Also does this only apply to a rental property as we did not rent. We inherited renovated and sold for a profit. We have been talking to several accountants and CRA and get very different answer. We get the disposition and ACB super simple. The problem is we have over 100k in expenses and after talking to 5 different people still have no idea what we can really claim. Consensus is Lawyers fee's and Realtor fees.
@viacheslavsavateev6522
4 ай бұрын
Can I depreciate the asset and on sale argue that it’s land that appreciated, not the house? Houses don’t appreciate - land does.
@edwardamaral3268
2 жыл бұрын
Hi Allan how do you or can you claim depreciation on a condominium since the time of purchase say from 2002 to now 2022 if this was never claimed during the life of owning it and how do you differentiate the building versus the land value
@alirezababaee
3 жыл бұрын
Hi Allan, Thanks for very good info. I have a question regarding capital gain calculation of rental properties. For a rental property that was bought with mortgage default insurance premium (less than 20% down payment), can I consider the mortgage default insurance premium in the capital gain calculation in order to reduce the gain?
@goleafsgo238
2 жыл бұрын
Hey Allan, how does a vender take back affect your tax return?
@myfirstnameis354
4 жыл бұрын
The capital improvements applies dollar to dollar on your capital gains or your cost? Could you kindly explain please.
@AllanMadanCA
4 жыл бұрын
Hi @xoxochoden, Capital improvements increase the cost basis of an asset, dollar-for-dollar. The increase in the cost basis will reduce the capital gain realized upon sale of the asset. For example, suppose you purchased a property for $100,000 and made further capital improvements of $30,000. The total cost basis of the property will be $130,000. To calculate the capital gain, subtract the cost basis of $130,000 from the sales proceeds.
@myfirstnameis354
4 жыл бұрын
@@AllanMadanCA Thank you for your clear explanation and grateful for the example you provided.
@rossceria1295
4 жыл бұрын
We purchased our first home at 370k originally and lived there for 5 years. We had to refinance to move into another town and took out 26k to put on a down payment to buy our principal residence. When we left and took out the refinance, the current value then was 450k (9 yrs ago). If we were to sell now, do we get taxed on 370k or the value when we left @450k?
@brco2003
7 жыл бұрын
I don't understand. 1) Capital improvements cost you money. Why would you want to make such expenditures, if they are not needed, just for the tax savings? 2) Taking CCA in years of ownership reduce your taxable income dollar for dollar. Deferring this, which gives you a relatively higher cost basis, merely gives you the benefit of lowering your capital gain in the year of sale, which is only at 50% of the actual gain. And this is before accounting for time value of money.
@AllanMadanCA
7 жыл бұрын
Hi brco2003, Capital improvements extend the life of the property and can help increase rents. So they shouldn't be made for tax purposes only. CCA does not impact the cost basis (ACB) for capital gains purposes. It reduces the UCC.
@garykubiak
7 жыл бұрын
Allan Madan Regarding the CCA, why wouldn't you want to deduct this to reduce your rental income? Isn't it better to defer taxes (possibly decades in the future if u hold onto the property for a while)?
@AllanMadanCA
7 жыл бұрын
Hi Gary, I agree that you should claim CCA to reduce taxable income.
@lovekidz988
2 жыл бұрын
if i have rental property and later i demolish the house and make new for myself. then i sell. do i have to pay property gain tax ?
@RatedRGameGuy
6 жыл бұрын
Awesome and well informed video.
@AllanMadanCA
6 жыл бұрын
Thank you for the positive feedback.
@dyannesharp7343
3 жыл бұрын
Is a new kitchen a capital cost?
@carolyn9547
3 жыл бұрын
Is this info still relevant today in 2021?
@Mena-dz5ln
3 жыл бұрын
What if you bought a piece of land in 1969 for 200k and sold it for 18 million in 2021....what would the Capital gain tax be
Пікірлер: 25