Capital gain calculation

[littlewenzi]

quick question for those have experience with selling their second property

I just sold my second property. I believe I will get dinged for tax but having trouble estimating the cost and preparing for deductions.

some info -
-Bought for $439,000 + gst
-Sold for $600,000
-was a pre-build, I owned it for about 7 months before selling.
-rented it out for $2100/mth for 3 months
- I ended my mortgage sooner than the contract, there were penalty
- there were selling fees (lawyer, realtor, land title, etc)
- there were buying fees (Lawyer, land title, etc)
- I paid strata, utilities, etc during this time

What else can I deduct?
-I heard the tax rate is lower for capital gain compared to income tax, but how much?
-I wasn't working this year, so no source of income, if that makes a difference.
-I was back in school for almost the entire year

[twoNeurons]

Originally Posted by littlewenzi

quick question for those have experience with selling their second property

I just sold my second property. I believe I will get dinged for tax but having trouble estimating the cost and preparing for deductions.

some info -
-Bought for $439,000 + gst
-Sold for $600,000
-was a pre-build, I owned it for about 7 months before selling.
-rented it out for $2100/mth for 3 months
- I ended my mortgage sooner than the contract, there were penalty
- there were selling fees (lawyer, realtor, land title, etc)
- there were buying fees (Lawyer, land title, etc)
- I paid strata, utilities, etc during this time

What else can I deduct?
-I heard the tax rate is lower for capital gain compared to income tax, but how much?
-I wasn't working this year, so no source of income, if that makes a difference.
-I was back in school for almost the entire year

Any maintenance you did on the property?

[WarrenC12]

Originally Posted by littlewenzi

What else can I deduct?
-I heard the tax rate is lower for capital gain compared to income tax, but how much?
-I wasn't working this year, so no source of income, if that makes a difference.
-I was back in school for almost the entire year

Cap gains is half your marginal rate.

You'll have deductions for school, and assuming you had no income in 2016 you should be in good shape.

Spend a few bucks and visit an accountant at tax time, it will pay for itself.