Do i have to pay capita gains ona vacant prop.i sold?

Question

i have this prop. 11 years

Answer 1

Yes, absolutely, if you sold it for more than you paid for it.  Any difference is taxable.

Answer 2

if you declare the income then yes. given that it is property and that it is registered etc, i suggest you declare it.

the cap gain = fair market value - the adjusted cost base.

if you were using the property as a business and making income, then it will be the ending UndepreciatedCapitalCost - the lower of cost or proceeds.

that result x 1/2 = taxable cap gain.

note: there is no capital loss on depreciable property.