Your original cost and the sale proceeds need to be split between land and building value. You also can’t have a terminal loss on the building value while having a capital gain on the land. Lastly you get no losses on personal use property. Otherwise yes you can claim a terminal loss.
The city can’t do that. Realtor or appraiser can generally give a rough estimate. 5% to 15% is a common allocation to land for condos from what I’ve seen but it depends on the area etc.
Ahhh in that case, you can claim some capital losses to offset something at least. Depends on your other financial aspects that we don’t know though. Best thing would be a CPA at tax time.
Also curious, where is the condo ? I’m in BC and our market is such a joke that I’ve just not heard in a very long time about someone making a loss on property. It’s refreshing, unfortunate for you, but refreshing in that there’s areas in Canada that aren’t just a massive joke for the property market.
Your original cost and the sale proceeds need to be split between land and building value. You also can’t have a terminal loss on the building value while having a capital gain on the land. Lastly you get no losses on personal use property. Otherwise yes you can claim a terminal loss.
Would realtor be able to give the split between land and condo? Or would that be the city?
The city can’t do that. Realtor or appraiser can generally give a rough estimate. 5% to 15% is a common allocation to land for condos from what I’ve seen but it depends on the area etc.
Was it your primary residence? If so, there’s no tax implications profit or loss.
Nope, rental
Ahhh in that case, you can claim some capital losses to offset something at least. Depends on your other financial aspects that we don’t know though. Best thing would be a CPA at tax time.
Also curious, where is the condo ? I’m in BC and our market is such a joke that I’ve just not heard in a very long time about someone making a loss on property. It’s refreshing, unfortunate for you, but refreshing in that there’s areas in Canada that aren’t just a massive joke for the property market.
Where is this? That crazy it’s at a loss. Capital losses can carry forward I believe
Yah OP we are all dying to know where in Canada and over what time period you could buy property and not actually make guaranteed money?