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do the required #6) You have a house that was used personally for many years. In 2015, you converted the building to income producing (renting
do the required #6) You have a house that was used personally for many years. In 2015, you converted the building to income producing (renting it out). Then, in 2017, you decided to convert the property back into personal use. Ignoring the Principal Residence Exemption, compute the tax impacts given the following: Original Cost when Acquired Personally FMV @ Change in Use for 2015 FMV @ Dec 31, 2016 FMV @ Change in Use for 2017 $275,000 $320,000 $310,000 $350,000 REQUIRED: Determine all tax impacts for the years 2015 to 2017. Assume you wished to claim the maximum CCA entitlement every year possible. #6) You have a house that was used personally for many years. In 2015, you converted the building to income producing (renting it out). Then, in 2017, you decided to convert the property back into personal use. Ignoring the Principal Residence Exemption, compute the tax impacts given the following: Original Cost when Acquired Personally FMV @ Change in Use for 2015 FMV @ Dec 31, 2016 FMV @ Change in Use for 2017 $275,000 $320,000 $310,000 $350,000 REQUIRED: Determine all tax impacts for the years 2015 to 2017. Assume you wished to claim the maximum CCA entitlement every year possible
do the required
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