Julie Olsen purchased a home in 2012 for $150,000 and a cottage in 2016 for $100,000.Due to a rise in real estate prices, Julie decided to sell both properties and backpack around the world for two years.Both properties were sold in October of 2020.Julie received proceeds of $375,000 for the house, and $250,000 for the cottage.
Required:
Calculate the minimum taxable capital gain that Julie will report for the house and cottage on the 2020 tax return.Show all calculations, identifying the taxable capital gain for each property.

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The Answer of Julie Olsen purchased a home in 2012 for $150,000 and a cottage in 2016 for $100,000.Due to a rise in real estate prices, Julie decided to sell both properties and backpack around the world for two years.Both properties were sold in October of 2020.Julie received proceeds of $375,000 for the house, and $250,000 for the cottage.
Required:
Calculate the minimum taxable capital gain that Julie will report for the house and cottage on the 2020 tax return.Show all calculations, identifying the taxable capital gain for each property.

Julie Olsen Purchased a Home in 2012 for $150,000 and a Cottage