zoeg
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Posts posted by zoeg
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I bought a condo in 2009 for $220,000.
In 2016, I bought a new house with my now husband and moved in with him. I had my condo appraised for $325,000 and rented it out.
I've claimed CCA since with the $325,000 price. My UCC for start of 2020 is in the $280,000 range.
I sold my property on June 1, 2020 for $250,000 so it is more than I purchased it for but less than appraised when I started renting it and less than the remaining UCC.
How do I enter this in Ufile???
Principal Resident than Rental Property Sale
in 2020
Posted
When I enter the CCA for 2020. It gives me a loss of $88,000 on rental income for 2020
That is offset by a capital gain of $23,000 when I enter the capital gain info.
Should I really be claiming a loss of ~$65,000 in rental income because the property went down in the years since rented even though it went up since purchased?