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

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