Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain. This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer.
If you have decided that now is the time to sell your home, you might be thinking: should I hire a Real Estate Sales Representative or do it alone. Have you ever considered repairing your own car? Anyone can buy the tools and parts. However, most of us just do not have the knowledge, training, experience or the expertise and commitment of time to do the job properly. Besides, there are plenty of experienced professionals to do the work for us.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
Some Terms and Conditions apply:*Available to Buyers on closed transactions and full commission paid; ** Avalaible only to Sellers and Buyers of Domatorteam. One ballot per transaction carried out between January 1st20xx & December 31st 20xx. Chances of winning depend on total # of Brokerage transactions. Winner is responsible for any taxes and upgrades. Does not applay to property for lease and Sale of the business without property. Applay only to closed transactions.