Question
Mary sold her home in Ottawa in 2020 for $640,000. She paid a real estate commission of $32,000 and legal fees of $4,000 to complete
Mary sold her home in Ottawa in 2020 for $640,000. She paid a real estate commission of $32,000 and legal fees of $4,000 to complete the sale. Mary had purchased the home in 2003 for $245,000. In 2006, she purchased a summer cottage for $174,000. She sold it in 2020 for $600,000. She paid legal fees of $3,000 to draw up a sales agreement and commission of 4% on the gross sale of the cottage. Mary used the summer cottage regularly for summer vacations. Determine the minimum taxable gain to be reported by Mary on the sale of the two properties for 2020.
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