rental property & tax (2) - Capital gain/loss

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公子妈
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  • Capital gain/loss
    - 当你卖掉出租房的时候,你要计算Capital gain/loss 并且要在你卖掉出租房的那一年claim你的Capital gain/loss
    - 如果你有capital gain, 你计算税的时候是 50%*capital gain*your marginal tax rate.
    - Capital gain/loss = Proceeds of disposition - outlays & expenses incurred to sell your property - adjusted cost base (ACB)

    Calculate adjusted cost base (ACB):

    - Start with the purchase price of the property. Plus legal fees, property inspection fees, registration fees, land transfer tax, and etc.
    - For example:
    o You bought a rental property in January 2010 for $200,000 (Assume land value = $40,000 (20%) and building value = $160,000 (80%) )
    o Legal fees including registration fees, etc. = $1,000
    o Property inspection fees $ 400
    o Land transfer tax $1,500
    - 计算第一年的 ACB = 200,000+1,000+400+1,500 = 202,900
    allocate between land and building:
    Land ACB = 202,900 * 40,000/200,000 = 40,580
    Building ACB = 202,900 * 160,000/200,000 = 162,320
    o land and buildingACB需要填写在你的income tax return 里。
    o the purpose of allocating between land and building is because land is considered non-depreciable asset, ACB of land 是不可以take amortization expense, 相反building 就可以。
    - ACB balance 会增加如果有一些addition/capital during the year,比如说你今年改造了你的rental property, 在房子旁边加建了一个车库。这个建车库的费用是应该treated as capital expenses and therefore increase ACB balance.
     

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    Capital cost allowance (CCA) for rental property

    - 当你acquire a depreciable property, such as a building or furniture, 你计算当年的rental income/loss的时候,you cannot deduct the cost of the property. 但是, you can deduct their cost over a period of several years. The deduction 就是 CCA。每年的CCA expense 可以被deducted against rental income.
    - The amount of CCA you can claim depends on the type of rental property you own and the date you acquired it. 每年都有一个最高限额。claim CCA是你的一个option。一般这也是tax planning的一个部分。这个rule 对于没有学过accounting & tax的人来说有一点点复杂。所以如果你想claim CCA expense的话,最好请懂的人帮忙。如果想更多了解的话,可以去CRA网站:
    http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/cca-dpa/mch-eng.html
    如果想了解,但又不太明白的话,可以跟贴,我再具体解释。
    - Note: You cannot use CCA to create or increase a rental loss.
    - 有一个大家经常会问的问题是,我今年要不要claim CCA for the building? 答案是depends. 一般来说:
    o claim CCA的好处在于:当年的expense increase, 减少net rental income, 当然这一年就少交税。
    o claim CCA的坏处在于:当你把rental property 卖掉的时候,如果你的卖出价高于你的ACB (most likely), 那你以前所有claimCCA expense 在你卖掉rental property 的那一年将会被add to your rental income. 这部分income is called recapture. 这样你在你卖掉rental property 的那一年的income会非常地高。因为你income 可能包括你的salary, recapture and capital gain as a result of sale。可以参照下面的capital gain/loss example.
    Based on 以上的好处和坏处,你需要考虑的问题的是short-term vs. long-term你现在的marginal tax rate是多少?当你几年以后卖掉房子的时候你的marginal tax rate
     

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    公子妈
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    current expense or capital expense
     

    OCAC

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    Change from principal residence to rental property

    General rule:如果这个property 是你的principal residence, 然后你搬出来了,变成了rental property. 在这种情况下,虽然你没有卖掉房子,但是CRA认为你把房子在市场价(fair market value)卖了,然后你有把它买回来。因为前面是principal residence,所以无论市场价是多少,你的capital gain都是exempt. 而当你的property change of use的那一天的市场价将会是你的rental propertyACB,这个ACB将会用来计算你的capital gain当你真正卖房子的时候.
    注意事项:
    你应该保留一些document去证明当时房子change of use的时候的市场价。
    Exception:当你 change all your principal residence to a rental property, 你可以不用report any capital gain when you change its use 如果你make an election。你可以指定这个property 作为你的principal residence for up to four years, 虽然你已经搬出了这个房子并且已经把这个房子租掉了。你还是要满足下面的条件:
    • you have to report the net rental or business income you earn; and
    • you cannot claim capital cost allowance (CCA) on the property.
    但是, 你在指定这个property 作为你的principal residence 的同时不可以指定别的property as your principal residence. 如果你想extend 4年的限制也是可能的,但是有一些别的条件需要满足。
    如果你想要make this election, 你需要在file你的tax return 的时候附带一封签名信描述你的the property 并且告诉CRA你希望subsection 45(2) of the Income Tax Act to apply.
    Change from rental property to principal residence 我就不多韶了,估计很少人这么做。
     

    ottawauser

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    do I need to claim Capital Loss/ Gain if 50%or less of my condo for rent
     

    OCAC

    公子妈
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    do I need to claim Capital Loss/ Gain if 50%or less of my condo for rent
    no need if this is your only property. note that you cannot claim CCA.
     

    OCAC

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    更新了一些,还会继续。
     

    vivi567

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    谢谢!学习了!
    还有个问题:一两人共有的出租房,若房价200,000, building价 160,000; land为40,00
    在每个人下如何报building 和land的价格呢? 是否每人报: building:80,000; land 20,000?
    谢谢!
     

    T&G

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    取决于你们两人的SHARE。如果是50/50,你的报法是对的。
     

    smartgirl

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    超级好贴,顶,对很多有出租房的人很有用。
    谢谢了。不愧是斑竹
     
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