I have been told to go to an accountant to see what the NET income from the basement rental is. While gathering mortgage interest payments and hydro bills, two things occurred to me.
1- When the house is sold will it now have "capital gains" tax, or a loss of capital cost allowance? I don't believe the house will bring as much as we bought it for to be honest! Or a loss of "personal residence exemption"?
2- My ex received 950 a month from her first family member for two years, I am sure she never claimed the income. I know I didn't. Will that come back to bite one of us in court? It's undeclared income. Cheques were in her name only, but if she can stick it to me somehow she will and I would like to know before hand! lol
1- When the house is sold will it now have "capital gains" tax, or a loss of capital cost allowance? I don't believe the house will bring as much as we bought it for to be honest! Or a loss of "personal residence exemption"?
2- My ex received 950 a month from her first family member for two years, I am sure she never claimed the income. I know I didn't. Will that come back to bite one of us in court? It's undeclared income. Cheques were in her name only, but if she can stick it to me somehow she will and I would like to know before hand! lol
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