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My brother lived in a house with 1 suite in the basement(he said it was a duplex, I thought they had to be side by side or more than 2 stories, anyway) But after he sold the house he said he had to pay capitol gains..
His friend did his income tax.
Just want to make sure he is not paying too much,
Thank you
Hxxxxxxxxxxxxxxx
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david ingram replies:
In my opinion, your brother did not have to pay capital gains tax on the sale. Section 54(g) says a house and one/half hectare is tax free. So certainly all that was left was the right to tax a possible increase in the value of the basement.
However, the following case says it should not have been taxable period.
In 1986, Fedel Saccomanno won the sale of his home as a tax free capital gain as his principal residence. He had bought a triplex with two units rented out, and lived in the third unit with his wife on weekends when he was not teaching at the University of Waterloo. When he did not get tenure at Waterloo, and sold the property, DNR tried to tax two-thirds of the profits. Judge Taylor ruled that the entire triplex was tax free, giving credence to my claim in my Investment Guide. In the Investment Guide, I suggest that people with duplexes and triplexes should claim the whole building tax free in spite of the fact that Bulletins IT 120R2 and R3 stated that half a duplex and two thirds of a triplex would be taxable.
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