I wonder if anyone can offer me any advice as I'm struggling a little with an aspect of completing my taxes this year.
I immigrated to Canada a in 2010 from the United Kingdom. I am a landed immigrant and am married to a Canadian citizen. Between 2010 and July 2014 I continued to own a property in the United Kingdom and rented it out to cover mortgage costs until the market price meant it would at least break even at sale.
For the tax years 2010, 2011, 2012 and 2013 we reported it as owned foreign property and the rental income from it.
In July 2014 we managed to sell the property. I believe I can still see how we can report that we owned the property, that we had rental income but I'm not clear how I report that it was sold, the value it sold for.
The property was bought as our home in 2006 for £127,000 ($254000 @ 2006 average) and sold in July last year for £110,000 ($198000 @ 2014 average) after 4 years as as rental property.
We where paid approximately $10000 from the sale due to the amount of the mortgage we had paid but in real terms were down by around $46,000 through changes in exchange rate and depreciation of the property.
Is anyone able to help?