Tax and Accounting

---

When using my realtor services, you will benefit from 10+ years of tax filing and accounting experience. As a designated CPA my knowledge can assist clients with the tax implications arising as a result of their real estate transactions.   

There are many real estate transactions and events which trigger tax filing obligations, some of which include:

• Selling of principal residence – Requires principal residence deduction on T1 tax return
• Selling of family cabin – Requires analysis on principal residence designation to maximize tax savings on T1 tax return
• Selling of investment property – Requires analysis on adjusted cost base of property to lower the required capital gain declaration on T1 tax return
• Estate sale – Requires deemed disposition and likely principal residence exemption on final T1 tax return
• Purchasing of rental property – Requires rental income/expense declaration on T1 tax return
• Changing use of portion of home – Can result in deemed disposition and resulting declaration on T1 tax return

If you need assistance buying or selling a home which will trigger a tax obligation, please feel free to reach out for a complementary consultation to discuss your real estate and tax needs. As a licensed CPA in public practice I am well versed in handling your tax/accounting questions (www.hemlockaccounting.com).