# Capital gains or loss



## churchjt (Apr 26, 2010)

Hi all

Trying to figure this one out for my rental property. I bought about 6 years ago and lived there for 5. Have rented it out for about the past 1.5 years.

Here is my example:

*Actual Cost Base*
House - $117,000
Land - $242,000
Total ACB - $359,000

*Bank assessed value at time of change*
$360,000
*Property assessment at time of change*
$337,000
*Property purchase price 6 years ago*
$224,500

If I was selling the property for $340,000 am I correct in my thinking I will have a capital loss?


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## cardhu (May 26, 2009)

How did you come up with an ACB of $359k, if you only paid $224k for the property? Have you put in $135k in improvements?


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