What is the taxpayers net capital gain

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Reference no: EM133606237

Question: A taxpayer individual acquired a rental property on 15 April 2012 for $170,000. On 30 April 2023 he sold the property for $325,000. Legal fees on purchase were $1,000 and the legal fees on sale were $1,750. The taxpayer incurred $35,000 for the building of an extension to the property on 10 October 2014.

What is the taxpayer's net capital gain arising from the disposal. (Assume that the taxpayer had no other CGT transactions during the year or prior year losses.)

Reference no: EM133606237

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