sell primary or nonprimary residence | Income tax filing | Discussion forum

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sell primary or nonprimary residence
March 6, 2024
1:40 pm
escaleraroy
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November 28, 2023
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in terms of Tax, what is better to sell? a primary or nonprimary residence?

primary: 1 million - no mortgage
non primary: 570k - has mortgage of 200K
not sure if it's relevant, My income from work: 100K

March 7, 2024
5:26 am
SaverJunior
Toronto
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March 16, 2018
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Proceeds from selling principal residence is taxable for those years you declare not live there.

If you live in your primary since acquisition, and did not rent out any portion of it, or declared using any portion as home office, it should not incur any income taxes on disposition.

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