
Tax on selling an investment property
Selling an investment property can be a financially rewarding move, but it's important to understand the tax implications that accompany such transactions.In this article, we'll explore various...
A capital gain refers to the profit made from the sale of an asset, such as stocks, real estate, or other investments.
A capital gain refers to the profit made from the sale of an asset, such as stocks, real estate, or other investments. It's calculated by subtracting the purchase price (or cost basis) of the asset from its selling price.
In most cases, you will have to pay tax on any capital gains you make on an asset. The amount of tax you pay can depend on factors such as how long you’ve held the asset and your income level.
If you’re selling a property that was lived in as a place of residence, you're eligible for a main residence exemption. This allows homeowners to avoid paying capital gains in this specific circumstance. This acknowledges that a primary place of residence serves a different purpose to an investment property, which is typically focused on driving profit.
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