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Determine the total capital gain payable

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Question - Karen and Rod Fisher purchased home in 1995 for $255,000 with the current (2022) market value of $1,500,000. In 2006 they purchased a cottage for $122,000. The current (2022) market value for the cottage is $715,000. The mortgage on the home is $715,000 and the mortgage on the property is $124,000.

Required -

1. Determine the capital gains exempted?

2. Determine the total capital gain payable?

Reference no: EM133107237

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