Scott purchased his home in Calgary in December 2001 for $196,000, and a cottage in...
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Scott purchased his home in Calgary in December 2001 for $196,000, and a cottage in Kimberly, BC for $150,000 in February of 2004. In March 2018, Scott retired and decided to move to West palm Beach, Florida with his wife. At that time he sold both properties - his house in Calgary for $510,000, and the cottage for $345,000. Scott and his family stayed in both properties overnight several times in each of the years he had owned them. Calculate Scott's taxable gain from these transactions after making use of any exclusions that may be available.
Question 29 options:
Capital Gains Exemptions on Home: $510,000
Capital Gains Exemption on Cottage: $122,000
Capital Gains Exemptions on Home: $44,000
Capital Gains Exemption on Cottage: $345,000
Capital Gains Exemptions on Home: $314,000
Capital Gains Exemption on Cottage: $52,000
Capital Gains Exemptions on Home: $314,000
Capital Gains Exemption on Cottage: $26,000
None of the answers above are correct
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