[Reggie28]

Originally Posted by Slava

But the thing is, it might not be all that cut and dried.

https://virtusgroup.ca/virtus-insigh...as%20a%20house).

“If the house is sold for more than it was worth upon taking ownership because of market changes, the rise in value would be considered a capital gain. If you did have an increase in value you would be expected to recognize the capital gain. Which means 50% of that increase in value would go into your income to be taxed.”

If you sold the home for less than the initial value would you be able to claim a loss? Even if the home was worth 2 million and you sold it for two million, the realtors, lawyers and other professionals are taking a slice, so you would still have a loss to declare. Or am I out to lunch and you pay capital gains on any appreciation, but if you have a loss, well too bad for you.