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Oct 27, 2020 7:55 pm
We have a basement and when we file our taxes, we show Rental Income on it. We do it like this
(32.4 Personal/ 67.6 Rental). If we do sell our house later on, will we pay capital gains tax on it.
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Oct 28, 2020 4:49 pm
Yes, you will pay capital gains tax when you sell your property on 67.6% of the capital gain since 67.6% of the property is used to earn rental income.