[twoNeurons]

Originally Posted by littlewenzi

quick question for those have experience with selling their second property

I just sold my second property. I believe I will get dinged for tax but having trouble estimating the cost and preparing for deductions.

some info -
-Bought for $439,000 + gst
-Sold for $600,000
-was a pre-build, I owned it for about 7 months before selling.
-rented it out for $2100/mth for 3 months
- I ended my mortgage sooner than the contract, there were penalty
- there were selling fees (lawyer, realtor, land title, etc)
- there were buying fees (Lawyer, land title, etc)
- I paid strata, utilities, etc during this time

What else can I deduct?
-I heard the tax rate is lower for capital gain compared to income tax, but how much?
-I wasn't working this year, so no source of income, if that makes a difference.
-I was back in school for almost the entire year

Any maintenance you did on the property?