[riri]

Do you know in the case of 2nd homes or rental residences, is the tax on the gain or on the transaction itself?

I am trying to sell a second home now.

[screaminsunshine]

Are you hearing the sound of silence or is the market really picking up like the Liberals claim?

[Publius Valerius]

My understanding is that the tax is on the gain, but, of course, you have to make over the income threshhold.

For example, if you are single and making $175,000 a year and sell a second home for $100,000 profit, you owe nothing. If you are single making $225,000 and sell your second home for $100,000 profit, you’ll pay $3800 in addition to any other capital gains tax you might pay.

And I am not a tax professional and this is not tax advice.