What is the minimum taxable capital gain to be reported

Reference no: EM133611538

Question: Hugo acquired a house in 2017 for $800,000. In 2020, he acquired a cottage for $550,000. He lived in the house in the winter and in the cottage in the summer. In 2023 he sold both properties and he received $1,220,000 for the house and $880,000 for the cottage. What is the minimum taxable capital gain to be reported by Hugo on the sale of two properties

Reference no: EM133611538

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