Solution-Calculate the amount of the taxable capital gain

Calculate the amount of the taxable capital gain

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Reference no: EM132767848

Question - In early 2019, Miss Heather advises you that it is her intention to sell both her Kingston residence and her condominium in Blue Mountain. She acquired both of these properties in 2005 and has spent at least a part of each subsequent year in residence at each property. The cost of the Kingston house was $173,000, while the Blue Mountain condominium was $131,000. She provides you with the following additional information:

	Kingston Home	Blue Mountain Condo
Estimated Selling Price	$325,000	$304,000
Anticipated Selling Costs	13,500	12,240

She has asked you to determine the minimum taxable capital gain that would result from the sale of the two properties during 2019.

REQUIRED - Calculate the amount of the taxable capital gain that would arise for each property.

Reference no: EM132767848

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Calculate the amount of the taxable capital gain

Reference no: EM132767848

Reference no: EM132767848

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