Hi,
Can someone please kindly explain how we calculate depreciation recovery ?
I have an apartment.
Say I bought the apartment for $100,000 (land + building + chattels).
Say the chattel values when I bought the apartment was $1000 (based on the chattel valuation report by ValuIt)
I have been claiming depreciation for 6 years - for total of $400
so the book/tax value of the chattels now is $600
Now I m selling my apartment INCLUDING ALL the chattels for $120,000. (land + building + chattels).
1. How do I know the LAND value at the time I bought the apartment?
2. How do I know today's LAND value ?
3. How much the depreciation recovery will be?
4. Do I need to get another valuation report?
Thank you
Can someone please kindly explain how we calculate depreciation recovery ?
I have an apartment.
Say I bought the apartment for $100,000 (land + building + chattels).
Say the chattel values when I bought the apartment was $1000 (based on the chattel valuation report by ValuIt)
I have been claiming depreciation for 6 years - for total of $400
so the book/tax value of the chattels now is $600
Now I m selling my apartment INCLUDING ALL the chattels for $120,000. (land + building + chattels).
1. How do I know the LAND value at the time I bought the apartment?
2. How do I know today's LAND value ?
3. How much the depreciation recovery will be?
4. Do I need to get another valuation report?
Thank you
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