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Capital gain and recoupment consideration?

Posted 9 December 2015 under Tax Questions


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At says:
9 December 2015 at 12:55

When you sell a property at a profit. Should there be a recoupment in your tax return as well as a capital gain? I. E. You reverse any deductions that you have received over the life of the asset via the recoupment, and then the proceeds are reduced by the recoupment and the deductions are reduced against the base cost.

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TaxTimTaxTim says:
9 December 2015 at 14:46

No, you only declare the capital gain (i.e proceeds less base cost of asset plus cost of improvements)


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