We own a house in Canada but now live in UK anyone know the rules on selling what is now a rental property?
We lived in the house for 6 years but have rented it out for the last 4 while we have been in UK, the time has come to sell it but all the capital gains tax stuff is very complicated, has anyone got any laymens info for us? Maybe someone who has been through similar or knows alot about this, we have got 60 days till our tenants move out to learn all there is to know.
thank you in advance to anyone who can be of any help :-)
- Anonim1 dekade yang laluJawaban Favorit
You will need to get the property evaluated back to the time it became an income property to determine the fair market value (FMV) for that period. That new number will become your adjusted cost base (ACB). So when you sell your property today, the capital gain will be the new FMV (today's sale price) minus the ACB
- SGEliteLv 71 dekade yang lalu
Engage a Realtor to sell it off for you.