Special Taxation Situations

There are four special taxation situations

  1. personal use property
  2. listed personal property
  3. principal residence
  4. spousal rollover

Personal Use Property

  • e.g., personal effects, clothing, cars, boats, furniture, jewelry
  • minimum ACB = $1000 = minimum deemed disposition
  • losses on disposition are not deductible

Listed Personal Property

  • e.g., art prints, sculptures, rare books, stamps, coins
  • losses can only be deducted against realized gains on other listed personal property

Principal Residence

Included page "principal-residence" does not exist (create it now)

Spousal Rollovers

  • usually done at the original ACB
  • receiving spouse can “opt out” to get the property at Fair Market Value (which becomes the new ACB)
    • previous owner pays any capital gains on disposition

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